[BigCatStuff]

I think the problem is that most of Reddit's current 'content' isn't monetizable to the degree that they need it to be. In its current form, Reddit is mostly an aggregator of other sites' content, which makes that content much harder for Reddit to make money off of. Self-serve CPM and CPC ads will only get you so far in terms of revenue nowadays.

I run a company with an advertising based revenue model with seven figures of yearly revenue, and CPM isn't what the largest advertisers are looking for. Everyone wants custom created content now, and they pay high premiums for this type of content.

I love Reddit as a news aggregator, but I can see why they need an editorial and content team for revenue generation. I'm certain that most large user generated content sites like Snapchat and Facebook have writers and editors to help paying advertisers create content.