Reddit Incites Digital Gold Rush: Introduces ‘Contributor Program’
September 26, 2023
In a game-changing move, Reddit has announced its ‘Contributor Program’, a new system that allows users to monetise their engagement by converting Reddit gold into real money. This program is set to replace the old Reddit Gold system, transforming the way users express appreciation for posts.
Under the new gold system, users can long-press or hover over the upvote button to buy gold, with options ranging from US$1.99 for one gold to US$49 for 25 golds. Once gold is given, a ‘golden upvote’ appears next to the comment or post. However, Reddit Coins have been discontinued as of Sept. 12.
The ‘Contributor Program’ allows users who earn golden upvotes to potentially earn real money. Eligible users, who are over 18, in ‘good standing’, and live in a supported location, can receive monthly payments based on the gold and karma they earn from ‘eligible contributions’. These contributions exclude content with sexual content, graphic violence, certain mature themes, or anything posted in NSFW, quarantined, or trauma support communities.
Payouts under the ‘Contributor Program’ are tier-based. The standard ‘contributor’ tier rewards 90 cents for every gold earned, given that a minimum of 10 gold and between 200 to 4,999 karma have been gained over a 12-month period. ‘Top contributors’ receive US$1 for each gold, provided that they surpass the 10 gold minimum and earn over 5,000 karma within the same period.
Reddit’s move to monetise user engagement has raised concerns about potential changes in the platform’s culture and the possibility of misuse. To mitigate this, Reddit plans to rely on internal safety signals, user reporting, Know Your Customer screenings, gold purchase limits, and admin audits.
With this new system, Reddit is reshaping the landscape of user-generated content, turning engagement into a potential source of income for its users.
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