the social web is changing in three crucial ways: It’s going from public to private; it’s shifting from growth and engagement, which broadly involves building good products that people like, to increasing revenue no matter the tradeoff; and it’s turning into an entertainment business. It turns out there’s no money in connecting people to each other, but there’s a fortune in putting ads between vertically scrolling videos that lots of people watch. So the “social media” era is giving way to the “media with a comments section” era, and everything is an entertainment platform now. Or, I guess, trying to do payments. Sometimes both. It gets weird.
Reddit, Twitter, Mastodon: where are we all supposed to go now? - The Verge