This AI Company Signs Content Licensing Deal with Reddit
(Reuters) – Reddit has signed a deal to allow the artificial intelligence (AI) company to train its models on the social media platform’s content, Bloomberg News reported, citing people familiar with the matter.
Reddit, which is planning an initial public offering (IPO), has told potential investors it signed a $60 million annual deal earlier this year, according to a report.
The details of the AI deal could change as negotiations continue for the Reddit IPO, which could come in March.
The content licensing agreement comes at a time when interest in artificial intelligence is at an all-time high.
Reddit declined to comment.
The deal, which was signed with an “unnamed major AI company,” could be a model for similar deals to come, Bloomberg reported.
Reddit’s IPO, which has been in the works for more than three years, would be the first by a major social media company since Pinterest’s ( PINS.N ) debut in 2019.
The San Francisco-based company was valued at around $10 billion in a 2021 funding round.
