The users producing most of the value that made Reddit interesting when it was a small website that had a lot to prove have probably already left. The thing is though, it's now very well-established. Reddit shows up extremely often when you Google it, and undoubtedly there's a lot of people (possibly a majority) who will just kind of shrug this off after deciding they'd rather suck it up than be without something like Reddit for a while.
But while the ad revenue is probably fine, the API revenue is definitely what they think the cash cow will be, and practically speaking they could lose 75% of their users and still probably not lose a whole lot of value just due to the sheer amount of historical data they have (especially if they start selling deleted content.)
But while the ad revenue is probably fine, the API revenue is definitely what they think the cash cow will be, and practically speaking they could lose 75% of their users and still probably not lose a whole lot of value just due to the sheer amount of historical data they have (especially if they start selling deleted content.)