this post was submitted on 12 Jun 2023
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Hah, web 2.0 was all about the explosion of user-generated content. Corps and cryptonerds wanted to make web 3.0 about making money, but the web has always been about the content, not its monetization. In trying to monetize the content, they're alienating people and forcing them off the platforms they defaulted to.
Humans like to create and share content, no matter how easy or difficult it is to monetize. If the people who want to monetize humanity's collective output make it harder to create, then hopefully the result is that people move off the ad-supported platforms and replace them with something that doesn't rely on centralization with lots of capital to stay afloat.
If nothing else, the way that youtube has made it impossible for segments of the creative community to monetize their content and forced them rely on platforms such as patreon has made it more and more clear that ad-generated revenue is a dead end. You can't force people to view advertising unless you hold their content hostage, and for the first time in history, they can't buy out the means of production.
There's no conceivable reason that reddit shouldn't be profitable right now with the market saturation they have unless the majority of people who've been making money off of the site up until now have been minimal effort contributors trying to get their piece of the money pie. 99% of the work is done by "unpaid" (by reddit) mods yet somehow they still have 2k people on the payroll and still need to centralize more and more capital to cover the overhead, it's easy to imagine most of their current expenses are going to dumb corporate tech money sinks that are going out of style fast and have little to show for the last decade of spending lol
2k people in expensive San Francisco office space. Willing to bet that the % of them dedicated to improving user experience was quite low in comparison to those trying to figure out how to squeeze money out of it.