The company revealed it is simplifying its gold award feature which allows users to show appreciation for exceptional posts and comments. Previously, users could purchase a multitude of coins to gift various awards like Silver, Gold, and Platinum.
"Starting today, we’re introducing an update to Reddit gold and rolling out a new program where qualifying Redditors, including mods, can be rewarded with money for their contributions to Reddit." - the announcement reads.
Now, Reddit is replacing this with a simplified "Gold" award (or “gild”). Users can access the new gold awards by long pressing or hovering over the upvote icon. This will bring up a menu with gold award options ranging from 1 gold for $1.99 to 25 gold for $49.
Additionally, Reddit is launching a Contributor Program that will reward eligible users with actual money for their contributions. To participate, users must meet certain eligibility requirements like being 18+, having a good-standing account, and going through a verification process. Additionally, to register for the Reddit Contributor Program, your account must be 30+ days old.
How to Enroll for the Reddit Contributor Program to Earn Money from Reddit
As we mentioned above, to enroll in the contributor program, you must meet the above-mentioned requirements. If your account meets the above eligible requirements follow the below steps-
- Login to your account and visit the Reddit Contributor Program page.
- Scroll down and click on the "Get Verified to Start Earnin"g button.
- Now, You have to complete the verification process.
- As you complete the verification process you are now into the contribution program.
Verification steps include email verification, Personal Information (Name, date of birth, Bank Account, Country of Residence, and Government ID (only for some contributors)
Once enrolled, contributors can earn monthly payments based on the amount of karma and gold received on their posts and comments. To withdraw money, redditors need to earn at least 10 gold within a 30-day period — if they don’t reach the threshold, the balance rolls over. For users with between 100 and 4,999 karma, they will receive $0.90 per 1 gold. Once you earn more than 5,000 karma, you can earn $1 per gold.
How much can I earn with the Contributor Program?
Contributors can be in one of two tiers (Contributor and Top Contributor) depending on karma earned in the last 12 months and gold received. There will be a standard payout rate for Contributors and an enhanced payout rate for Top Contributors. The payment will be a function of multiplying the payout rate by the number of eligible gold that a contributor has received:
| Contributor Tier | Karma (Over 12 mo period) | Payout Rate (Dollars per Gold) | Minimum Gold for payout |
|---|---|---|---|
| Non-contributor | 0-99 Karma | No payout; balance rolls over | n/a |
| Contributor | 100-4999 Karma | $0.90 per 1 Gold | 10 |
| Top contributor | 5000+ Karma | $1.00 per 1 Gold | 10 |
The program is initially only available to US Redditors on web and mobile apps.
These updates aim to better incentivize quality user contributions. The gold system provides a simplified way to recognize valuable posts, while the Contributor Program offers monetary compensation to prolific Redditors.
With over 50 million daily active users, Reddit relies on quality user-generated content. Features like the new Gold and Contributor Program show Reddit's commitment to rewarding users who contribute the most. This makes it possible for people to start a Reddit business from home and tap into a vast online community to reach potential customers and clients worldwide.
As Reddit continues to grow, features that reward users for engaging with the platform reflect the company's focus on creating an active community. The changes could attract more high-quality posters and encourage participation. It will be interesting to see how the new Gold and Contributor Program impacts Reddit moving forward.