this post was submitted on 15 Sep 2023
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Tech has always been geared towards losing money to provide a valuable service but the understanding from investors who don't loan for free is that at some point you turn on the profit engine. Some tech companies are able to generate revenue without necessarily making their product awful for users, but the more pull and pressure investors have, and the more driven by impatience, the enshittifier things become.
The Fed turning off the free money tap last year by starting to raise interest rates was an inevitable wake up call for investors that they needed to change their model to start profiting or at least lose less. Many, many companies, users and products are experiencing US's investors-first-and-only capitalism's inevitable end; it destroys the good it created. Companies without long-term investors or leverage to hold off investors willing to kill the golden goose either enshittify, or if they don't have a way to enshittify, go under.