Reddit buys Memorable AI is a startup that specializes in generative artificial intelligence.
Memorable AI helps marketers select the best text, graphics, and videos for sponsored messaging.
Memorable AI, a business that utilizes generative AI to help marketers design better commercials, is Reddit’s first purchase since going public in March.
They intend to boost its advertisements by acquiring Memorable AI, which helps marketers select the best text, graphics, and videos for sponsored communications.
“This acquisition allows Reddit to accelerate our work in optimizing, generating, and selecting ad creative to deliver even better results for advertisers,” stated COO Jen Wong.
New York-based Memorable AI, launched in 2021, helps marketers anticipate how frequently an ad will lead to a direct action like downloading an app or visiting a website. Reddit’s advertising staff will include Memorable AI employees. Reddit did not reveal transaction finances.
Reddit invests extensively on advertising and AI. After it was formed, the firm started running adverts, but it didn’t spend extensively in advertising technologies until 2018. Since then, the firm has introduced retail and video adverts.
Facebook sold $804 million last year, with 98% of its income coming from advertising. Reddit ads appear in the main home feed, subreddits, and user posts.
Reddit has also partnered with AI firms. It negotiated $203 million data license arrangements with OpenAI and Alphabet’s Google to train AI algorithms. They partnered with OpenAI in May to provide its content to ChatGPT and add new AI tools to its forums.
Reddit bought AI businesses Spell, MeaningCloud, and Spiketrap to enhance content suggestions and ad placement.
CREDIT: Allneeds, Gadgets360
READ RELATED POSTS >>