I've been wondering about that. You know if there's a youtuber with 10 million subs, you'd think they're a big, important star on the platform? And then you find out that youtube gets 80% of their ad revenue from kids watching Baby Shark on a tablet, and your 10 million sub youtuber actually isn't that relevant at all.
Well I was wondering if there's a reddit equivalent to that. Like maybe reddit gets 60% of it's revenue from Indian cricket fans and we don't even know about it. I'm sure sports fans in general are a lucrative userbase. And then places like /r/funny... basically imagine who would be less likely to use an adblocker and old reddit and the app, without caring too much. That's low-effort content that basically runs itself.
At least, that might be what they are gambling on. I do agree with you that the old guard are very important for developing good content. I just don't know if reddit cares about good content anymore.
But you could just easily subscribe to all of them. That's not fragmentation.