Reddit is introducing video advertising as part of a larger push to attract more ad dollars to its site, the Wall Street Journal reported Friday. Reddit also revamped its self-serve ad platform, and is looking to add advertising into its feeds, or discussions.
“Advertising clients have been asking for video since the Reddit ads platform launched,” said Ben Miller, who works on brand partnerships at Reddit. “We are thrilled by the reception from our entertainment partners like Universal Pictures and A24 Films, who were the first to test the new format.”
The company, which was spun out of Conde Nast in 2011, announced the changes at the Cannes-Lions ad festival this week.
Video ads are a significant new format for Reddit, given the fact that Reddit doesn’t currently host any of its own videos. Reddit told the Journal that video ads will be available to advertisers both through its sales team as well as its self-serve ad platform.
The company didn’t reveal any immediate plans to host user-generated videos, or even produce its own video content, to run these ads against.
Reddit currently touts 250 million monthly users, and a recent Bloomberg report suggested that the company is looking to raise $150 million of new funding at a valuation of $1.7 billion. Reddit has raised some $50 million since its spin-off from Conde Nast.
Update: 1:44pm: This post was updated with a statement from Reddit’s Ben Miller.