Dynamic Product Ads are added to Reddit to turn discoverers into purchasers
News aggregation and social networking site Reddit is expanding its ad tools with the development of new dynamic product ads.
Reddit has 84million monthly visitors across the globe, with 7.16 per cent coming from the UK. The audience is 64 per cent male and 44 per cent of the audience are aged 18-29.
The site is recognised as a place for exploration, and people create subreddits to help them find others with similar interests. This often includes exploration of new products and services, with honest debates about the pros and the set up to directly debate the pros and cons of one product against another, Reddit believes it can help buyers earlier in the discovery phase to make a purchase.
Demographic data of the Reddit audience indicates that almost half of all traffic comes from the States, with 7.16 per cent coming from the UK.
Reddit’s communities are naturally commercial, with 40 per cent of monthly conversations related to purchase decisions and product categories.
Conversations are sparked between users who discuss what products or brands to try on the platform. Dynamic Ads ensure that the product reaches the most relevant consumer with the intent of converting the consumer interest into action. Providing the consumer with the product at the exact moment they are looking for it.
Reddit’s growth as a search query platform is the reason why Google recently signed a $60 million deal in order to access Reddit’s data.
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Meta is offering 5k bonuses to incentivise influencers
As the popularity of the Threads platform continues to increase, Meta is making another attempt to boost its engagement. Meta has made the decision to reward its most prominent creators on other platforms with a $5k bonus to post content on threads. To get this bonus, the creator must receive a minimum of 10,000 views on one post within the app in order to receive the payout.
As some threads users are already generating this figure on a regular basis, the reward system is an invite-only program. Suggesting that this feature will most likely be beneficial to influencers and creators who already have existing profiles on other Meta platforms, but have not yet joined Threads.
Gaining 20 million since February, Threads is still far off its target of 150 million monthly active users. However, will this feature help them push closer to their goal?
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Instagram is erasing its users?
Over the weekend Instagram confirmed there was a technical issue that meant users were losing up to 5 million followers in a matter of seconds.
Although the dramatic mistake has now been rectified, the Instagram team explained that a technical issue resulted in Instagram accounts witnessing an inaccurate loss of followers to their platforms within their account insights, yet their follower counts did not appear to be affected. The issue has since been resolved and metrics have been restored.
Any users that were affected should now see their account insights back to normal. Don’t worry you weren’t hacked and your audience wasn’t removed, it was just a technical issue.
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LinkedIn is soaring
The new EU Digital Services Act requires all large online platforms to regularly report on their EU user counts, in a bid to increase transparency. LinkedIn is currently serving 47.9 million EU users monthly. A figure which has increased from 45.2 Million.
After reporting record high engagement levels, the platform also boasts its 1 billion total members milestone. Although the total members is considered a useless statistic, it provides advertisers with a better understanding of the popularity of each platform and relative to each advert which platform would be the most relevant for them.
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AI in the Financial Times
The Financial Times is the latest news organisation to announce its deal with OpenAI, in a joint announcement the businesses have stated that the maker of ChatGPT will use the Financial Times journalism to train its AI models and collaborate on developing new products and features for the publication’s readers. This will also link back to the Financial Times when it includes information from the publication in its responses.
“AI platforms pay publishers for the use of their material,” said Financial Times CEO John Ridding in a statement and added that the Times is “committed to human journalism.” Neither company disclosed the financial terms of the agreement. Earlier this year, The Information reported that OpenAI offers publishers between $1 million and $5 million a year to licence their content to train its AI models”
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