Update: Reddit is already calling the effort a triumph and says, "We're getting a much-needed cash infusion."
Original Article: Reddit has announced Reddit Gold - a paid version of its service. It costs what you are willing to pay for it. As Reddit describes, "It's a way of supporting reddit, boosting our bottom line and helping us afford faster computers and more employees (or was it the other way around?)."
In other words, Reddit needs help, and is asking for donations.
While the idea of paying for an upgraded version of Reddit may not sit well with all Reddit users, one would expect the company's approach of set-your-own-price to be more appealing than Reddit simply setting one itself. Gawker uses words like "begging" and "sad" in describing Reddit's announcement, but at least it's honest.
Reddit is owned by publishing empire Condé Nast, which owns such publications as GQ, Wired, Glamour, Vogue, and Ars Technica (to name a few), but that doesn't mean said empire is willing to fork out too much cash to support the Reddit team's needs.
Reddit's Mike Schiraldi writes, "Whenever this topic comes up on the site, someone always posts a comment about how reddit is owned by Conde Nast, a billion-dollar corporation like Time Warner or Cobra, and how if they wanted to they could hire a thousand engineers and purchase a million dollars worth of heavy iron. But here's the thing: corporations aren't run like charities. They keep separate budgets for each business line, and usually allocate resources proportionate to revenue. And reddit's revenue isn't great."
Again, at least it's honest.
In May, Reddit got nearly a million unique visitors, according to Compete data.