this post was submitted on 26 Jul 2023
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Social media has been out of ideas since we got video chat. The fact is people want a free place on the internet to share interests with other people and communicate with them. Every company tries to figure out how to monetize it.
So of course they’re out of ideas, they never had them in the first place. Capitalism cannot drive progress
In theory it's easy to monetise - allow some targeted ads to communities and/or occasional relevant boosted posts, or paid awards like Reddit, etc.
The issue is greed / growth. They always need more and more - so you end up with more irrelevant ads, political ads, more boosted posts than natural ones, etc. - most companies aren't happy to just do one thing well with a skeleton crew maintaining it and keeping costs low - they need constant growth.
Just look at Reddit and Twitter for example.
I agree with your main point but have either Reddit or Twitter ever been profitable?
Twitter two year reddit never answer is still greed reddit have 2000 employees i don't know what they do tbh reddit earned 500 million last year they can be profitable whenever they want they dont want to be profitable now they just want IPO so they are chasing numbers.