Reddit周四表示，将转向以登录用户为主的体验，这标志着其21年历史上最重大的转变之一。
Reddit on Thursday said it's moving to become a primarily logged-in experience, marking one of the most significant shifts in its 21-year history.
为何重要： Reddit长期以来一直倡导开放网络。如今，它正推动与用户建立更直接的关系，同时在AI时代保护其数据免受日益增多的抓取行为侵害。
Why it matters: Reddit has long championed the open web. Now, it's pushing to build a more direct relationship with users while also protecting its data from increased scraping in the AI era.
新闻驱动： Reddit联合创始人兼首席执行官史蒂夫·霍夫曼在周四的一次采访中表示，公司做出这一改变是为了改善用户体验、提振广告业务，并防止机器人抓取其专有数据。
Driving the news: In an interview Thursday, Reddit co-founder and CEO Steve Huffman said the company is making the change to improve its user experience, bolster its ads business and prevent bots from scraping its proprietary data.
- 首席运营官Jen Wong对Axios表示，此举并不代表战略转变，因为公司一直专注于打造一个直接的目的地。
• Chief operating officer Jen Wong told Axios the move doesn't represent a change in strategy as the company has always focused on building a direct destination.
- “只是过去10年里，由于我们的（数据）语料库是开放的，我们获得了大量搜索流量，所以这成了等式的一部分”，但这并没有改变公司的使命。
• "It's just that in the last 10 years, because our [data] corpus was open, we got a lot of search traffic, so that became part of the equation" but didn't change the company's mission. Zoom in:
深入来看：霍夫曼表示相信这一改变最终将提升用户参与度和变现能力，尽管传统搜索的变化继续影响美国的用户增长。
Huffman expressed confidence that the change would ultimately improve engagement and monetization, even as changes to traditional search continue to impact user growth in the U.S.
- “当用户在Reddit上花更多时间，我们就能更好地了解他们的兴趣，从而更好地定向投放广告，”他说。
• "When users, they spend more time on Reddit, and we can we better know their interests, so we can target ads better," he said.
- 他还指出，短期风险有限，因为“绝大多数参与度和超过80%的变现来自我们的应用和登录用户。”
• He also noted that the short-term risk is limited because "the vast majority of engagement and over 80% of our monetization comes from our app and logged-in users."
- 在一封股东信中，Reddit承认搜索推荐流量“在第三季度显著下降”，并表示如果搜索推荐趋势持续，第四季度日活用户可能下降“低两位数百分比”。
• In a shareholder letter, Reddit acknowledged that search referral traffic was "down meaningfully in Q3" and said daily users could decline by a "low-double-digit percentage" in Q4 if search referral trends persist.
运作方式： Reddit将在本季度开始在美国以外地区测试完全登录的体验，并收集关于最佳方案的数据，然后再逐步推出更广泛的改变。
How it works: Reddit will begin testing the fully logged-in experience this quarter outside the U.S. and collect data on the best approach before it rolls out broader changes gradually.
- 登录用户可以根据其活动和兴趣获得定制内容、信息流和推荐社区，不过他们可以选择退出个性化推荐。
• Logged-in users can get tailored content, feeds and recommended communities based on their activity and interests, although they can opt out of personalization.
- 该公司仍在研究哪些内容将向未登录用户开放。评论和内容排序等参与功能将继续仅对已登录用户开放。
• The company is still working through what content will be available to users who do not. Participation features, such as commenting and content ranking, will continue to be accessible only to logged-in users.
- 其主页仍将对未登录访客开放。通过搜索引擎或分享链接访问该平台的用户仍能看到所链接的内容。
• Its homepage will still be accessible to logged-out visitors. People accessing the platform via search engines or shared links will still be able to see that linked content.
- 霍夫曼表示，公司将把登录用户转化率作为衡量成功的一项指标进行监测。
• Huffman said the company will monitor the conversion rate to logged-in users as one metric of success.
字里行间： Reddit长期以来一直优先考虑用户隐私，并支持用户匿名，以此鼓励真实表达。
Between the lines: Reddit has long prioritized user privacy and has supported user anonymity as a way to encourage authentic expression.
- 该公司表示，不会要求已登录用户透露真实姓名或现实身份。
• Logged-in users will not be required to reveal their real name or real-world identity, the company said.
- 该公司正在其应用内重新推出无痕浏览模式，让用户在不影响其登录账户的情况下进行浏览和搜索。
• The company is relaunching its incognito browsing mode within its app, which lets users browse and search without affecting their logged-in accounts.
- 但在无痕模式下，平台将处于只读状态，这意味着用户无法评论或参与互动。
• But the platform will be read-only in incognito mode, meaning users can't comment or engage. Follow the money:
关注资金流向：这些变化将使个性化在Reddit体验中更加核心，黄表示，这将提振公司的广告业务。
The changes will make user personalization more central to the Reddit experience, which Wong said will bolster the company's ads business.
- 黄表示，登录用户的参与度约为未登录用户的五倍。她指出：“他们看到的展示次数更多，因此为广告主带来更多商业成果。”
• Logged-in user engagement is about five times that of logged-out users, Wong said. "They see more impressions, and therefore, yield more business outcomes for advertisers," she noted.
- 效果广告目前占Reddit广告收入的60%以上，是该公司业务中增长最快的部分。
• Performance advertising, which now amounts to more than 60% of Reddit's ad revenue, is the fastest-growing part of the company's business.
现实检验：大多数其他主要消费互联网平台已经完成了这一转变。
Reality check: Most other major consumer internet platforms have already made this shift.
- 霍夫曼表示，由于他信奉开放互联网，他个人曾抵制这些变化。
• Huffman said he personally resisted the changes because of his belief in the open internet.
- 他最终改变了想法，因为Reddit的规模使个性化对当今用户更加重要，而且保护平台内容免遭未经授权的抓取已变得更加紧迫。
• He ultimately came around because Reddit's scale made personalization more important for users today and because protecting the platform's content from unauthorized scraping has become more urgent.
- 该公司表示，其大部分未经授权的抓取针对的是开放网络上登录体验之外的内容。
• The company said most of its unauthorized scrapes are of content that lives outside of the logged-in experience on the open web.
大局观：这一变化是与Reddit第三季度财报一同公布的，财报显示其广告业务同比增长高达54%。
The big picture: The change was announced alongside Reddit's Q3 earnings results, which saw the ads business grow a whopping 54% year over year.
- 该公司在营收和盈利增长方面超出了华尔街的预期，但由于搜索流量疲软，其美国用户增长未达预期。
• The company beat Wall Street estimates on revenue and earnings growth, but missed expectations on U.S. user growth amid weakened search traffic.
- 自2024年3月上市以来，Reddit的广告业务规模已接近原来的三倍。该公司2024年第一季度广告收入为2.227亿美元，而今年第三季度为8.47亿美元。Reddit的绝大部分收入（94.7%）来自广告。
• Since going public in March 2024, Reddit's ads business has nearly tripled. The company earned $222.7 million in ad revenue in Q1 2024, compared with $847 million in Q3 this year. The vast majority of Reddit's revenue (94.7%) comes from ads.
Reddit认为，在AI时代其内容将变得更有价值，因为人们会寻求真实的人类推荐和内容来验证聊天机器人提供的信息。
Reddit believes its content will become more valuable in the AI era, as people look for authentic human recommendations and content to validate information from chatbots.
- “我们是一个由人类经验和偏好构成的集合，极其庞大且新鲜，我认为没有什么能与之相比，”黄说。
• "We are a collection of human experiences and preferences that is extremely vast and fresh, and I don't think there's anything comparable to it," Wong said.
- 截至第三季度，Reddit拥有超过270亿条帖子和评论，这是一座前所未有的人类数据宝库。
• As of Q3, Reddit has more than 27 billion posts and comments, an unprecedented trove of human data. Reddit will still license
Reddit仍将对外授权将其内容授权给第三方，并依靠这些协议为抓取和内容使用设定公平条款。
its content to third parties and rely on those agreements to set equitable terms for scraping and content usage.
- 该公司在财报中表示，包括数据授权在内的非广告收入第三季度总计4800万美元，同比增长35%。需要注意什么转向登录用户将有助于Reddit更有意识地管理第三方对其数据的访问。
• In its earnings release, the company said revenue outside of advertising, which includes data licensing, totaled $48 million in third quarter, up 35% year over year. What to The shift to logged-in users will help Reddit be more intentional about third-party access to its data.
- 霍夫曼解释说，数据在其他平台上的使用和展示方式可能会影响Reddit的核心体验。
• Huffman explained the way that data is used and displayed on other platforms can impact the core experience of Reddit.
- Reddit于2024年宣布扩大与谷歌的合作关系，据报道每年价值6000万美元。同年晚些时候，它宣布与OpenAI达成类似协议。
• Reddit announced an expanded partnership with Google in 2024, reportedly with $60 million annually. It announced a similar deal with OpenAI later that year.
- 该公司于2025年起诉Anthropic和Perplexity未经授权进行抓取。
• The company sued Anthropic and Perplexity in 2025 for unauthorized scraping. The bottom line:
底线：赫夫曼表示，这一转变并非对谷歌搜索变化的回应，而是“为了打造最好的Reddit版本”。他还说，五年后，“我希望Reddit更像Reddit”，并表示他希望这些改变能帮助用户更深入地体验平台的核心功能，比如有明确主题的社区和可上下投票排序的内容。
Huffman said the shift is not a response to Google Search changes, but rather "about making the best version of Reddit." • In five years, "I want Reddit to be more Reddit," he remarked, saying he hopes the changes help users lean into the platform's core experiences, like intentional communities and up-or-down-ranking content.