Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die.
I call this enshittification, and it is a seemingly inevitable consequence arising from the combination of the ease of changing how a platform allocates value, combined with the nature of a “two sided market,” where a platform sits between buyers and sellers, holding each hostage to the other, raking off an ever-larger share of the value that passes between them.
Have been for years. Reddit is mismanaged, and the IPO is just an effort to get whatever they can before letting suckers hold the bag. They will never reach the valuation they had.
yeah they aren’t IPO yet, I think a lot of stuff didn’t play nicely for them, with the ukraine war, the tech bubbles popping and the general global economic conditions things aren’t exactly favourable. I think also the backlash to 3rd party apps and their general shittiness has been hurting them a bit more than they have said.
The largest owners are Advance Publications and Tencent. Advance also own Condé Nasty (Reddit even used to be under the Condé Nast banner). Weirdly they also own everyone’s favorite plagiarism detection service Turnitin.
Is reddit owned and operated by a malicious entity? I used to be addicted to that platform, but now I can’t stand it.
From https://pluralistic.net/2023/01/21/potemkin-ai/#hey-guys
This is going to be the most quoted literary work of the 21st century
they are preparing for IPO, the most inherently malicious owner there is!
Are they really still just preparing?
Have been for years. Reddit is mismanaged, and the IPO is just an effort to get whatever they can before letting suckers hold the bag. They will never reach the valuation they had.
yeah they aren’t IPO yet, I think a lot of stuff didn’t play nicely for them, with the ukraine war, the tech bubbles popping and the general global economic conditions things aren’t exactly favourable. I think also the backlash to 3rd party apps and their general shittiness has been hurting them a bit more than they have said.
The largest owners are Advance Publications and Tencent. Advance also own Condé Nasty (Reddit even used to be under the Condé Nast banner). Weirdly they also own everyone’s favorite plagiarism detection service Turnitin.
I know of Tencent and the controversy about them… I don’t know anything about Advance though. Are they also controversial?