this post was submitted on 12 Jul 2023
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But none of that affects the amount of money they lose.
In fact the CEO of the parent company has been pretty transparent about cost cutting, and I'd bet 30m is probably the lowest yearly losses for Tumblr.
I know people want to make this a moral victory, like the losses are the result of bad community management for Reddit/Twitter/Tumblr but that's just not true. They were dumpster fires business-wise before they shat on their community, and they were dumpster fires after.
No one has cracked the code on how to make a profitable social media company. The two choices are either community funded (like the Fediverse), or steal all the data like Meta, and arguably the second option isn't really an option for anyone because Meta would eat your lunch all day everyday.