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It's a general trend of vulture capitalism, or more accurately locust capitalism, over the last several years.
Investors want extreme ROI(Return on Investement, aka their money back and some extra), so they'll cut every single corner and monetize everything, and even run companies into the ground to make it happen faster. And then just move on to another company and to the same thing, with absolutely zero interest in long term income, customer retention, etc.
These companies are overvalued. Currently we're operating in supply side economics where the wealthy have all the money and companies do everything they can to attract those big investment dollars.
But the truth is social media companies (despite being household names) don't really make the revenue that warrants their high valuation by investors. Investors are starting to figure this out, and now they're desperately throwing shit at the wall to try to keep from losing those big supply side dollars.
Social media companies can break even and employ a lot of people while doing so. They could have a good user experience, and it would be all fine. But they wouldn't have sky rocketing share prices doing that. The leadership wouldn't get fat bonuses. So they implement all these crazy schemes so they can make projections about future revenue.
It doesn't matter if these schemes actually will make money or not. They just need to show X number of users multiplied by Y additional revenue per user and that's enough to attract investment. And it doesn't matter if it destroys the company either, the people at the top will get their bonuses.
This is the consequence of the fed raising interest rates and companies finding it much harder to find money to pay salaries and operating costs. So companies have to actually seek profit or go bust and CEOs and board of directors are getting desperate and showing how little they understand what makes their products great.
You are so right. For social media, The Thing that makes their products great is us. They are really showing how little they understand us.
The lie that eternal growth is possible has companies making really stupid moves to increase short term gains at the cost of long term stability.
Higher interest rates means they have more pressure to start being profitable is my guess.
I feel it's like a sellout on stock exchange: once the first company started to heavily monetize, the others felt like they needed to cash out now, before "stock values drop" i.e. the internet users find different models of social media that make the corporation owned ones obsolete. Thank you lemmy! :)
Centralization, money, power, money, stocks, money. These are just a few reasons. Did I mention money? Oh, and also, money. They're sucking up to investors, and finding ways to get through the up-coming(or on-going) recession without major losses. The only losses are ours.
Silicon Valley Bank collapsing is putting pressure on tech companies to actually turn a profit, so they're turning to slimy tactics just to survive IPO
Capitalism. Companies go public (or already were public) and then they can no longer be happy with what they had and need to acheive infinite profit growth. That's partially why companies like Valve, that are still luckily entirely private, can make seemingly consumer-focused decisions and not just chase infinite profits. That's how they've been able to invest so heavily in Linux with such little short term gains. Valve still makes shitty decisions sometimes but it would be 10x worse if they decided to go public.
I think also we've become so dependent that they can just do whatever the fuck they want.
I've lived in a bunch of countries and FB messenger is the only way for me to keep in touch. FB can do whatever they want to me because I'm never going to persuade a bunch of people to all move to signal or something.
Reddit has communities that simply don't exist on any other platform.
They have the critical mass.
I was going to say that I wish there was a decentralised way of sending messages... And then I remembered text messaging is a thing.
Incredible how quickly these things become embedded in everyday life
Unfortunately this doesn't really work with international mates
It's basically the lifecycle of any big corporation.
When the industry is new and there's tons of new users to reach, everyone tries to be the most friendly corporation to build a name for themselves. Positive press and the halo effect helps bring in more people.
Once an industry matures and growth slows, the focus shifts to nickle-and-diming customers to squeeze more profit out of them.
Because you are the product, not the client. You are only catered to enough so that you may be coralled. You are basically cattle to these corporations.
As for why this is happening now:
They wish it's this easy to keep people. If businesses knew how to monopolize the market forever, they wouldn't have been so desperate to set up these walls.
I dropped cable for Netflix years ago with a shrug, and as Netflix and all the streaming services are turning into cable I dropped them too and will wait for the next thing. If talking to some large group of faceless masses becomes annoying and spam filled, I'll keep my resources for other things I can turn my attention to.
It's weird to me to see these artificial structures treated as though they're some real solid thing with no alternatives. That's literally these companies' PR to make us believe it
Related question: why does it feel like hollywood is intent on completely destroying all of our beloved franchises? It's not like the place isn't overflowing with incredibly talented artists, writers, actors, producers, etc. I just don't understand why it's so hard for them to make something that isn't garbage.
Spiderverse is goated and is very different from MCU.
Running out of VC dollars, now they gotta actually make a profit.
A lot of these companies have never been profitable and have been running on VC money on speculation alone until they reach critical mass and can turn on the monetization streams.
Because of capitalism, no seriously these decisions are based on money and growth. But both of these things are relatively finite. You can't keep have exponential growth year after year. Eventually you will plateau but there isnt a mechanism in capitalism to accept that. So companies start forcing monetary gain.
It's because of Cambridge Analytica. They realized they could blast susceptible morons with hyper targeted political content and warp users minds into being foot soldiers for a billionaire class that doesn't give a fuck about them.
Because easy money from a decade of low interest rates is disappearing.