Reddit has reportedly reached an agreement with Google to provide its content to train artificial intelligence (AI) models owned by the search engine behemoth.
According to a Reuters report citing three anonymous sources with knowledge of the deal, Alphabet, Google's parent firm, allegedly pays Reddit $60 million each year for the agreement.
In the face of severe competition for advertising revenues from TikTok and Meta's Facebook, Reddit seeks to create extra earnings as it prepares for an initial public offering (IPO). The $10 billion San Francisco corporation will sell 10% of its shares in the IPO.
As of present reporting, Reddit and Google have not yet commented on the agreement.
(Photo: Mario Tama/Getty Images) In this photo illustration, the Reddit logo is displayed on a cell phone and computer monitor on February 13, 2024, in Los Angeles, California.
Reddit revealed its first significant AI firm contract last year, charging companies for API access. As Reddit plans to charge data users for API access, copyright problems arise in the wider AI field with content owners.
Founded in 2005, Reddit, known for its diverse discussion groups, is among the companies exploring new revenue streams amid the evolving AI landscape.
US House Addressing AI Risks
The increasing access of AI to personal data, a top concern in the industry, has prompted Reddit to charge fees for its API access, effective since last year. This aligns with a broader industry debate over AI companies' ethical use of personal data.
In a related development earlier reported by TechTimes, the leaders of the US House of Representatives this week launched a bipartisan task force to address concerns related to the risks posed by artificial intelligence.
This initiative aims to produce a comprehensive report, exploring "guardrails that may be appropriate to safeguard the nation against current and emerging threats" linked to AI.
US House Minority Leader and Leader of the House Democratic Caucus Hakeem Jeffries has emphasized the necessity of establishing safeguards to protect the American people, which artificial intelligence's particular challenges highlight.
Balancing Innovation and Investment
The forthcoming AI task force report will encompass guiding principles, forward-looking recommendations, and bipartisan policy suggestions developed in collaboration with Congressional committees.
Chairing the 24-member task force, Representative Jay Obernolte, a Republican, noted that the report will delineate regulatory standards and propose Congressional actions to safeguard consumers while encouraging AI investment and innovation.
Last week, tech giants Adobe, Amazon, Google, Meta, Microsoft, OpenAI, and TikTok signed a pact at the Munich Security Conference.
They pledged to take "reasonable precautions" to avoid AI abuse, misinformation, and disruption of the global democratic election.
US President Joe Biden signed an executive order addressing AI risks in October last year.
