If the market for initial public offerings recovers in the new year, one company that aims to go public early on is Reddit. An IPO will put the spotlight on the prospects for Reddit’s advertising business, which has fallen short of ambitious growth targetsoutlined by executives two years ago. ...
Yes, I agree. In the end, Reddit lives off its reputation, just like every social media platform. Seriously, is there an effect that when you’re long enough the CEO of a company, you begin making decisions where it is obvious that they will negatively impact the user base and thus long-term survivability of a company? Is there a term for that?
I imagine your priorities become different.
You start out young and idealistic. You find success and maintain that idealism for quite some time. Your morals are intact and you still feel connected to your users because you’re one of them.
Eventually though, you have to make some tough decisions. You want to maintain your community and sometimes that means choosing financials first. You make unpopular decisions for good reasons and your users don’t understand because they aren’t privy to all of the details. You have MBAs walking you through these steps and they’re probably more understanding than your users who don’t have a lot of stake in these choices.
Then your platform grows and it’s not just your computer nerd circles anymore. It’s open to the general public and corporations as well now. You have to deal with a bunch of vile, shitty people and you still have to make unpopular decisions. Nobody is ever happy no matter what you do.
Personally, I can understand reaching a point where you say, “You know what? Fuck em. I’m a different person now after all of these years, and the people using my platform aren’t even the same people I made it for in the first place, at least not mostly.”
I assume at that point you’re just trying to cash out. And you’ve listened to the MBAs for long enough that you’re thinking like them now. It’s even technically possible that Spez is still a good person and an idealist. He might still be making tough choices the rest of us don’t understand. Reddit may very well be in a place where it needs to get way more profitable or die. The Internet is tricky. Nowhere else in the free market do you have people who expect to pay $0 for a popular product they use for many hours per day.
I’m not a Spez apologist. Just offering a possible scenario that would explain how we keep ending up here with so many different companies.
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You’re describing the Cory Doctorow enshittification process.
Sounds like Enshittification.
Here’s the summary for the wikipedia article you mentioned in your comment:
Enshittification, also known as platform decay, is the pattern of decreasing quality of online platforms that act as two-sided markets. Enshittification can be seen as a form of rent-seeking. Examples of alleged enshittification have included Amazon, Bandcamp, Facebook, Google Search, Quora, Reddit, and Twitter.article | about
Thanks :)
You mean hubris?
Thanks, yes! Well, another word learned :)
More like stupris, amirite