The firms announced on Thursday that Reddit (RDDT.N) has teamed with OpenAI to deliver its content to the popular chatbot ChatGPT. This news caused the social networking site’s shares to rise 12% in extended trading.
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Exclusive: Reddit signs AI content licensing deal with Google.
The agreement, which comes after Reddit’s recent cooperation with Alphabet (GOOGL.O), highlights the platform’s efforts to expand outside its advertising business and creates a new tab where material may be made accessible for Google’s AI models to be trained.
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With this new agreement, ChatGPT along with other OpenAI products will leverage Reddit’s application programming user experience which is how Reddit distributes its content.
The business said that OpenAI will also cooperate with Reddit for advertising.
According to a news website, Reddit and Alphabet reached an agreement worth around $60 million annually before to Reddit’s March initial public offering (IPO).
A major source of income for investors outside of Reddit’s advertising business is the sale of its data for the purpose of training AI models.
The social network company’s first earnings since going public earlier this month showed robust revenue growth and rising profitability, suggesting that its efforts to expand its ad business and close a partnership with Google were beginning to pay off. The stock had increased by about 12% as of Wednesday’s closing compared to its March market debut.
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