At some point, the internet became a get-rich-quick scheme.
There’s a simple formula to it: Smart people with good ideas receive millions of dollars to build something. If that something generates billions of dollars, it is a success. If it does not, it is a failure.
Such “failures” include: Twitter, Soundcloud, Vine, Reddit.
At varying times, each of these companies had the hallmarks of “success”—millions of engaged users, venture capital money, a good brand. Now, Twitter is limping along, Soundcloud is in a death spiral, Vine is gone, and Reddit is still trying to figure things out.
They suffer from the same problem as the other community-driven websites on the internet—they just aren’t great at making money. This might be fine if not for the sad reality that these are some of the best things on the internet. These are the platforms that have fostered creativity, given birth to internet-native humor and music, and, with regard to Twitter, changed the world. Read more…
More about Twitter, Tumblr, Reddit, Soundcloud, and Business