Is Reddit declining as a clearinghouse for global Internet attention?

A new report says: Yes and no.

According to a study released today by the social media tracking company Shareaholic, traffic to Reddit has never been better. The site logged some 731 million unique visitors in 2013, while it “only” had 400 million in 2012. It served 56 billion pageviews in 2013, where it had merely 37 billion in 2012.

To be clear: Traffic—and traffic gains—like those are enormous.

“Effectively, in 2013, Reddit saw a 51 percent increase in pageviews and an 83 percent increase in uniques year-over-year,” writes Shareaholic’s Danny Wong. “That’s HUGE, right?”

It is huge. But it is coupled to a stranger statistic, one which the graph above concerns. According to Shareaholic, across 2013, Reddit’s referrals to other websites fell substantially.

“Reddit’s share of overall visits to websites [in the Shareaholic network] dropped 35.96 percent year-over-year,” writes Wong. “During December 2012, sites saw 0.33 percent of their overall traffic come from Reddit.”

By last month, only 0.21 percent of those site’s traffic came from Reddit.