Their revenue model seemed fine with awards. Brilliant model. Value out of thin air. I spent maybe $5/mo on awards.
Seeing the content itself as the product was a mistake for reddit. It’s like charging people for silverware at a restaurant.
Use of the API, just like use of the HTTP servers, drove engagement and engagement drove awards sales.
Just like the use of silverware drives meal purchases at a restaurant. Reddit charging for the API is like a restaurant charging to get the menu texted to you.