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It's all about user base, user base, user base. User base, to an investor, means eyes to whom you can sell to. Whether it be ads, Reddit gold, user information, or some other commodity, having the eyes and thoughts of millions means a great potential for revenue even if it hasn't been cashed in on yet. That's why Facebook got valued in the millions when it went public on the stock exchange before it even started to turn a dollar of profit.