I mean there’s Reddit ofc, as well as Twitter in its entirety, Discord is implementing some dumb updates, there are issues with Tumblr as well as everything to do with Meta, and I’m sure there are plenty more (and I haven’t even touched other digital media, for example the Sims). Why is it all happening in the span of about a couple months?
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.