I think it is the opposite. Because everyone knows they don’t need the subscription, right or wrong Peloton needs to make up for subscriptions losses by introducing these one-time fees.

Those are a great points, especially about the mods- they are a key piece of the future-of-reddit puzzle. Thank you!

Can you elaborate a little more? If I were an investor in reddit, my primary concern would be whether the blackout was actually impacting revenue. If the revenue is flat, then the blackout is just noise and things will return to normal soon.