Reddit’s new incentive: Get paid for top-notch posts

Reddit's new incentive: Get paid for top-notch posts. Engage the community with quality content and earn rewards.

On September 25, Reddit unveiled a unique contributor program, allowing users to transform their virtual accolades into tangible cash rewards. Eligible participants can now exchange their Reddit gold and karma points for actual money, which will be distributed monthly.

Initially, this program is accessible only to U.S. users aged 18 and above, who can authenticate their identity through Persona and Stripe. Additionally, only accounts older than 30 days with content deemed safe for work are eligible for monetization.

Details about this initiative emerged around two months prior in Android Authority, following an APK analysis by a reverse engineer.

The amount a user can earn is determined by their Reddit karma, which represents the total upvotes they've received. To cash out, users must accumulate a minimum of 10 gold within a month. If this criterion isn't met, the balance is carried forward. Users with karma ranging from 100 to 4,999 will earn $0.90 for each gold, while those with over 5,000 karma can earn $1 per gold.

Twitter, now rebranded as X, recently introduced a comparable monetization scheme, enabling certain creators to earn based on the impressions their content garners. However, there's apprehension that such incentives might encourage excessive posting or manipulative content designed solely for engagement.

Reddit is also revising its gold awarding mechanism. Previously, users purchased coins to acquire gold or other accolades for standout posts. However, Reddit has phased out this coin and award system, simplifying the gold acquisition process. Users can now purchase gold directly by long-pressing the upvote icon in the app or hovering over it on desktop. Gold prices range from $1.99 to $49.00 for quantities between one and 25, respectively. Given that top-tier users can earn up to $1.00 per gold, Reddit appears to retain approximately half of the revenue. While these updates will be introduced in the app initially, web users will have to wait until later in the year.

This overhauled monetization strategy comes amidst a period of unrest for Reddit. A segment of its community continues to express dissatisfaction over recent API modifications, which have rendered it cost-prohibitive for several developers to create on the platform. As a result, renowned third-party applications like Apollo and ReddPlanet have ceased operations.

Reddit's innovative approach to user engagement and monetization emphasizes the rapid evolution of the digital landscape. At Band of Coders, we pride ourselves on offering tailored tech solutions to match these dynamic shifts. Looking to amplify your digital presence or in need of expert tech insights? Click here to schedule a meeting with us and let's chart your digital success together.