Reddit to end open browsing, testing logged-in-only access outside the US
The move follows a steep drop in search referrals and aims to protect Reddit's data and lift ad targeting, but investors sold shares after a weaker forecast.
Reddit's CEO Steve Huffman has said the site will move to a logged-in-only experience, ending the open browsing that has let anyone read threads without an account for roughly two decades. The change will first be tested in select markets outside the US in the coming months, with the company weighing its effects on user experience, the business and the wider ecosystem before deciding where limits should sit. Reddit is tying the move to a steep fall in search referrals, which it said dropped by more than one million on average per week in October as AI-generated answers in search results reduced clicks. Huffman argued that logged-in users drive more than 80 percent of monetization, so the shift should improve ad targeting and engagement and better protect its data from scrapers. Investors reacted badly, with the share price falling after a weaker-than-expected forecast for the next quarter despite 53 percent year-over-year revenue growth.
Why it matters
Anyone who reads Reddit without an account would lose that option if the change goes ahead, and the trial markets will show how many casual readers stay. For Reddit, the decision ties together two pressures: search traffic it has lost as AI-generated answers reduce clicks, and the value of its data to advertisers and AI companies. Logged-in users drive most of its monetization, so the company is betting that fewer but identified visitors are worth more than open traffic. Investor reaction shows the cost of that bet is being priced in now, even while revenue grows strongly.
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