I agree that there won't be a mass exodus but I still think this is the death of Reddit.

I suspect the users that leave may not contribute much to Reddit's bottom line but their contribution to the community is critical for Reddit to succeed.

A consumer looking at memes is probably okay with the official app but moderators and power users (who tend to post most of the popular content) skew towards third-party apps and tools.

Without those mods and power users, you no longer have anything resembling quality content so even the meme consumers leave.