It’s honestly really sad what’s been happening recently. Reddit with the API pricing on 3rd party apps, Discord with the new username change, Twitter with the rate limits, and Twitch with their new advertising rules (although that has been reverted because of backlash). Why does it seem like every company is collectively on a common mission of destroying themselves in the past few months?
I know the common answer is something around the lines of “because companies only care about making money”, but I still don’t get why it seems like all these social media companies have suddenly agreed to screw themselves during pretty much the period of March-June. One that sticks out to me especially is Reddit CEO, Huffman’s comment (u/spez), “We’ll continue to be profit-driven until profits arrive”. Like reading this literally pisses me off on so many levels. I wouldn’t even have to understand the context behind his comment to say, “I am DONE with you, and I am leaving your site”.
Why is it like this? Does everyone feel the same way? I’m not sure if it’s just me but everything seems to be going downhill these days. I really do hope there is a solution out of this mess.
I think the dirty secret is that social media is both an incredibly vital part of people's lives and businesses, but it's free and ad revenue doesn't really make anyone the crazy profits their valuations suggest it should. That it's happening all at once is I think partly attributable to financial tightening -- higher interest rates mean people have less patience with money they've floated, partly that Twitter going weird gave everyone else cover to do the same, and my personal opinion, the Writer's Strike gives a little room for the companies to do dumb shit without having to worry about getting roasted on late night.