To expand on this, it’s not just capitalism - it’s greed.
No it’s just capitalism lol. Every company has to continue reaping in profits for capitalists or else it dies. This is just Reddit’s way of doing that.
I don’t think “greed” is quite the right word.
“Greed” would be the right word if they were trying to make themselves more profitable.
But they’re not: they’re trying to make themselves profitable at all.
That’s not about greed, but about surviving.
You can’t survive unless you stop hemorrhaging money at some point.
Maybe the question is “Why do investors invest so many hundred of billions of dollars into companies that cannot be profitable without becoming super-shitty? And why do users join them knowing that they’re going to become super-shitty one day?”
I don’t think “greed” is quite the right word. “Greed” would be the right word if they were trying to make themselves more profitable.
I mean regardless of whether it’s greed or not it’s happening because they need to generate a profit period lol.
“Why do investors invest so many hundred of billions of dollars into companies that cannot be profitable without becoming super-shitty? And why do users join them knowing that they’re going to become super-shitty one day?”
David Harvey has been ringing the bell on this for at least a decade lol. Effectively capitalism runs out of profitable investments when you need continued YoY growth. Like finding trillions of new investment opportunities a year is just not realistic. So capitalists fund bullshit projects and flow their money into markets where the perceived value is significantly greater than any of the actual socially necessary value. And that distance grows greater over time, until people realize ‘what the fuck are we funding’ (like what happened with crypto, or the metaverse), and then that gap immediately shrinks and the unlucky capitalists lose their money. And that will continue happening.
But first be not as terrible to the users to attract them, then hope they’re lazy enough to not go anywhere when you treat them terribly later while they squeeze value from them
Exactly – this is almost certainly bad for Reddit’s business at this point. The problem here isn’t necessarily capitalism so much as it is a egocentric CEO gone mad with power.
I’d argue it is, because of the damage they’re doing to their brand.
I’ve said it in a couple other threads, but Reddit has other ways they can monetize their 3rd party app users, such as requiring subscriptions to use third party apps, or even by simply giving third party app devs a longer lead time to change to a paid model. Instead of doing either of those things, the CEO had a tantrum and alienated a bunch of people.
Doesn’t have to be Lemmy, they just have to stop using Reddit. If the power users (posters, content creators, mods, etc) really do leave, then the regular users will likely lose interest and leave as well. It doesn’t matter if they go to Lemmy, TikTok, or start spending time with their loved ones again.
There are rumors that Reddit will start using (more) bots and AI to generate content, which is certainly not beneath them at this point. The tech equivalent of a lava lamp.
Some definitely are. They’re the ones that folded as soon as Reddit threatened them. Others are holding strong, knowing they will be removed. Others, like the ones posting John Oliver memes, are really just trying to feel like they’re in power. They won’t do anything to actually get in trouble
Yea, I am not a capitalism enjoyer, but it’s comical watching people insert their favorite pet politics as the sole reason for everything that’s happening.
What’s good for making more money is not always or even often good for what we would think of as customer-friendly business. If you can wring more money out of a few whales at the expense of pissing off customers who don’t create as much revenue, then in our current system that’s what shareholders apparently want.
Reddit wants more users in their official app where they can target them for ads, sell NFTs, and whatever other bullshit they want to sell. It doesn’t matter if the experience is worse, and it probably doesn’t really matter if a couple thousand 3PA users split for good. As long as they can tell investors that the official app use is growing and that they can target a greater percentage of users with ads and data, they feel like they won.
Capitalism. Monetise everything no matter the cost to the users
To expand on this, it’s not just capitalism - it’s greed.
Potato potato
Well,greed causes capitalism
And capitalism causes greed!
I though it’s the other way around. Maybe it’s both and it’s closed circle
No it’s just capitalism lol. Every company has to continue reaping in profits for capitalists or else it dies. This is just Reddit’s way of doing that.
Just saying, but they’re doing it wrong: they’re following in Twitter’s steps to the abyss.
I don’t think “greed” is quite the right word. “Greed” would be the right word if they were trying to make themselves more profitable. But they’re not: they’re trying to make themselves profitable at all. That’s not about greed, but about surviving. You can’t survive unless you stop hemorrhaging money at some point.
Maybe the question is “Why do investors invest so many hundred of billions of dollars into companies that cannot be profitable without becoming super-shitty? And why do users join them knowing that they’re going to become super-shitty one day?”
I mean regardless of whether it’s greed or not it’s happening because they need to generate a profit period lol.
David Harvey has been ringing the bell on this for at least a decade lol. Effectively capitalism runs out of profitable investments when you need continued YoY growth. Like finding trillions of new investment opportunities a year is just not realistic. So capitalists fund bullshit projects and flow their money into markets where the perceived value is significantly greater than any of the actual socially necessary value. And that distance grows greater over time, until people realize ‘what the fuck are we funding’ (like what happened with crypto, or the metaverse), and then that gap immediately shrinks and the unlucky capitalists lose their money. And that will continue happening.
They don’t have to set up their companies this way, they have just chosen to. It’s all just greed in the end.
@Nollij @breadsmasher
one in the same
money, power, greed - all part of capitalism
But first be not as terrible to the users to attract them, then hope they’re lazy enough to not go anywhere when you treat them terribly later while they squeeze value from them
do you think this move will be good for their business?
You ask on Lemmy…
Exactly – this is almost certainly bad for Reddit’s business at this point. The problem here isn’t necessarily capitalism so much as it is a egocentric CEO gone mad with power.
I don’t even think it’s a bad business decision.
Most people didn’t use 3rd party apps to begin with. I’d guess about 75% of the vocal minority who protested, will continue to use Reddit.
And a very small % of people will quit Reddit in favor of Lemmy.
I’d argue it is, because of the damage they’re doing to their brand.
I’ve said it in a couple other threads, but Reddit has other ways they can monetize their 3rd party app users, such as requiring subscriptions to use third party apps, or even by simply giving third party app devs a longer lead time to change to a paid model. Instead of doing either of those things, the CEO had a tantrum and alienated a bunch of people.
Again, I’m almost certain that the % of people who really care are very small.
I’m not trying to defend Reddit, I used Apollo and am part of that small % of people leaving.
I mean, if you were right, ad spend would be up and their valuation wouldn’t have been cut for a second time
Cheers for being the very small %
Doesn’t have to be Lemmy, they just have to stop using Reddit. If the power users (posters, content creators, mods, etc) really do leave, then the regular users will likely lose interest and leave as well. It doesn’t matter if they go to Lemmy, TikTok, or start spending time with their loved ones again.
There are rumors that Reddit will start using (more) bots and AI to generate content, which is certainly not beneath them at this point. The tech equivalent of a lava lamp.
I suspect that power users, like mods, are more interested in the “power” they have on Reddit than standing up for anything.
I’d love to be wrong though. Reddit can’t die fast enough.
Some definitely are. They’re the ones that folded as soon as Reddit threatened them. Others are holding strong, knowing they will be removed. Others, like the ones posting John Oliver memes, are really just trying to feel like they’re in power. They won’t do anything to actually get in trouble
Yea, I am not a capitalism enjoyer, but it’s comical watching people insert their favorite pet politics as the sole reason for everything that’s happening.
What’s good for making more money is not always or even often good for what we would think of as customer-friendly business. If you can wring more money out of a few whales at the expense of pissing off customers who don’t create as much revenue, then in our current system that’s what shareholders apparently want.
Reddit wants more users in their official app where they can target them for ads, sell NFTs, and whatever other bullshit they want to sell. It doesn’t matter if the experience is worse, and it probably doesn’t really matter if a couple thousand 3PA users split for good. As long as they can tell investors that the official app use is growing and that they can target a greater percentage of users with ads and data, they feel like they won.
In the short term? Maybe. Long term? Probably not.
YES.
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