Reddit Ops February Summary and March Funding
Project Name: Reddit Ops
Project Status: Continuous
Project Accounting: $5,000 USD equivalent (514 NEAR based on price of NEAR (USD $9.71) at 12:00am March 1, 2021) + 300 NEAR (see note at end of submission) = 814 NEAR total
Updated Project Timeline: Continuous
Operation Updates:
Here are the updates from our team from the month of February. Last month, we adjusted our payout as well as the scope of our activities. As mentioned in our previous report, our team will no longer be handling AMAs. The moderation team will be taking on this role, and as a result we have decreased our budget and staff. Our main concerns now will only be curating engagement on and off the sub through content creation. We break this content up into daily posts and weekly posts, and intend to do the same in our reports moving forward.
Our monthly reporting format will become more standardized as our areas of operation have changed, and for the sake of clearer and more efficient communication of our progress. Below we will list the major updates/changes to strategy moving forward, and the most important KPIs for each. Please comment on any further concerns and we will be happy to address them.
Sub Growth:
- Our sub growth has continued at a steady rate through the month of February
- Subs (revised to show count at March 13): 8,118
- We are adding roughly 1500 subs per month
Daily Engagement:
- 2 defined KPIs - Impressions and shares
- Receiving 33% more impressions on average in February v. January (avg. 1.4k - 1.8k)
- Shares remain relatively low, averaging only about 20 per month. We hope to increase this number to 40 in March, with an end goal of between 100-200.
- Strategy focusing more on bringing key news stories on other NEAR content to the sub rather than strictly drawing engagement on the sub itself
February was a good month for our daily posts, as we saw an increase in overall impressions around the sub. Our daily posting strategy remains largely the same, but we are anticipating a shift as the sub grows in size. As we move forward we will continue to focus more on important community events and other content from the ecosystem to more fully integrate reddit into pre existing communities.
We have noticed that the correlation between upvotes and impressions is weaker than intuitively thought. This indicates that some material may be getting viewed at a higher rate, yet not necessarily upvoted as much. To increase upvotes on highly viewed posts, we are looking at changing strategies with titles in March. Below are some posts that highlight this disparity, and show that some stories have been shared more but upvoted less.
Example posts that have received over 1.8k impressions and 2 shares:
Weekly Engagement:
- Reddit has added a feature that allows us to view the number of impressions each reddit post gets - this gives us a new key metric by which to judge our posts.
- Our posts average between 15k and 30k impressions (varies by sub)
- This month we received 132.6k total impressions
- This month we received only 23 total shares. We are continuing revisions in both content and title to increase share volume.
The new impressions metric allows us to implement
The metric system also allows us to view shares per post, a number which we would like to significantly improve. This will guide our content creation moving forward, and we are actively monitoring the NEAR network for important events that have better potential for engagement.
Our account security has also dramatically improved as we have access to more high karma accounts for less money. This will allow us to change from a monthly post on r/cryptocurrency, to posting there at least once a week. This sub has by far the most engagement, and can garner upward of 50k impressions at times. This sub will be the focus of major engagement for our team moving forward.
Listed below are this month’s posts:
Note on last month’s payout issue:
Last month, we submitted this report: [Approved] Reddit Ops - Backpay and new compensation proposal
690 + 879 + 498 = 2067 NEAR
It does not equal 1,767 NEAR, which is the amount we requested and the amount we were paid out.
We would like to request that additional 300 NEAR as part of this month’s payout. Therefore, we request a total payout of 814 NEAR.