Due to the community-based media platform's restructuring, thousands of subreddits have gone black over the previous several days to protest an update of Reddit's API, or application programming interface. The new system, which could shut down numerous third-party programs and apps, was first announced in April.

From July onwards, Reddit will begin charging for commercial access to its API, on which many third-party developers rely to power their own Reddit-based apps. These developers, such as big-timer ApolloApp, could now face millions in yearly charges for using Reddit's features.

Reddit CEO Steve Huffman said in an internal memo, 'like all blowups on Reddit, this one will pass as well'. He also mentioned that the company 'has not seen any significant revenue impact so far' concerning the blackout. His memo has pushed some Redditors to prolong their blackout, which was supposed to end on 20 June.

Given that Reddit is apparently intending to go public this year and has introduced new advertising strategies, the company's approach to making a lot more money is not surprising. To save money, the social media site let off 5% of its employees last week and halted its hiring ambitions.