“Reddit is the go-to destination for sports fans around the world because it’s the place where they can dive deeper than anywhere else, and connect with other fans beyond the season and throughout the year,” Reddit Chief Operating Officer Jen Wong said in a statement. Sports is a major category for Reddit, with more than 1,000 communities dedicated to sports fans and 249 million posts, votes and comments on sports-related content each month, the company said.
Reddit shares gained 6.5% to $68.90 at 1:44 p.m. om New York. The stock had jumped 90% this year through Friday’s close. Financial details from the partnerships were not disclosed.
The move will give Reddit more high-quality videos, which in turn could lure more video advertisers. Reddit first tested those ads with the NFL during the 2023-2024 season, and brands like FanDuel, Samsung and Ford placed their messages next to premium video content from the league.
Reddit has invested heavily in its advertising business over the past several years, and went public in March after almost two decades as a privately held company. Reddit executives have been vocal about plans to expand the types of promoted messages on its site, including adding more video and shopping ads. Last year the company brought in sales of $804 million, 98% of which came from advertising. The text-based site currently hosts ads on a scrolling feed and next to posts within interest-based communities.