this post was submitted on 18 Jun 2023
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Yeah, this has been one of those black swan events. Nobody could have predicted Reddit would shoot themselves so vigorously in the feet like this.
Well, nobody could have predicted when or how Reddit would shoot themselves so vigorously in the feet. I think a lot of folks have been expecting them to do it eventually.
IMO Reddit had been sinking into enshittification since New Reddit came around, with the suggested posts and the ads.
However. No one expected the process to lurch forward so quickly. I think the Reddit admins were trying to enshittify things slowly, but after looking at what happened with Twitter in the last year or so, they realized they could "tear the bandaid off" so to speak, and maintain (perhaps I should say attain?) profitability.
It's a bunch of horseshit. I was never comfortable with so much of the internet being concentrated into corporate-owned spaces and I'm glad to see that other people feel the same way.
I also wouldn't be surprised if their venture capital angels had finally told them "enough, we're not going to keep throwing good money after bad indefinitely. We're cutting you off, get profitable."
Speaking purely as an armchair CEO, I think they could have done it by trimming the fat and making a few minor adjustments (a reasonable API price, for example). They have an income stream, they just needed to learn to live within that income stream's means. But modern capitalism's credo is "grow, grow, grow! Always grow!" And so that's not the direction they went, and ironically I think it's ultimately going to kill them.
Full circle : coming back to dessalins's best words : History of Lemmy
It was so sudden though. 1 month notice that the app I use was going to be gone. I donβt use Reddit outside of third party apps so here I amβ¦.
Same.