this post was submitted on 25 Dec 2024
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Netflix has a market cap of 300bn. Public markets picked up right where venture capital left off no bother. The problem I think was the competitive forces as much as enshitified business model, though perhaps one cannot exist without the other. Certainly without doing their own content they could easily have become ludicrously profitable as a redistributer only, though I'm not convinced it would have stopped everyone and their dog moving in on the space.
Facebook is really the cleaner example of enshitification. They could have happily printed modest money for ever as the preeminent social network, but they took the greedy approach and morphed into a cesspool.
Merry Christmas to you!
If you take venture capital, you sacrifice your ability to not be greedy. Could Facebook have even existed without VC? Facebook didn't have ads during its startup IIRC, which meant they had no revenue.
Theu saw the writing on the walls. They knew the big dogs would want a slice of the streaming game and they needed to pivot before the rug got pulled out from ubder them. Hulu was already being constructed when they were recalling shifting into making their own products IIRC. It wasn't just VC that got them to their golden era, they also relied on the industry bot taking streaming seriously enough and giving them deals that they never would today.
This (though you need to fix your typos). Movie companies saw Netflix as a garbage rerun channel. They were chasing after opening weekends. It took a long time for them to finally launch their own service.