this post was submitted on 12 Jun 2023
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Honestly seems like a lot of major sites are imploding. Stackoverflow's mods are striking, Twitter is on a downward spiral and likely to go bankrupt this year, Reddit is axing itself, etc.
It'll be interesting to see what ends up happening to the internet after. I think a return to more niche forums or community-run things like lemmy is unlikely to be fully mainstream, but I think enough folks will shake off the major platforms onto these to get them really active.
Perhaps this will mark the end of an era. Running a social media company requires lots of money, and making it profitable is very hard unless you leach data off everyone. Perhaps investors will learn that there are better ways to make money.
I'm just not really sure what those other ways to make money could be. Other than monetizing a service outright via a subscription or selling a product to the users, I don't really see a good way for online social media to be revenue neutral or positive.
The best way in the modern capital environment is to pivot to algorithm-driven content like TikTok-- I think we're seeing the decline of traditional social media in general in favor of platforms that follow the TikTok formula.