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Perhaps, or perhaps it will be like Lemmy/kbin where people are reinvigorated to create simply for the pleasure of creating, whereas they only preciously scrolled anonymously. You may not remember, but there was a time where YouTube was new, you were not making any money from your videos and yet people made all sorts of things. There was also Newgrounds and eBaum's World and I'm sure a few others I forgot.
Sure, if they gained traction, they'd make a business out of it, but there was no algorithm to worry about or analytics to monitor. The current corporate options are far from the only possible solution and it will fade in time just like everything else has.
The Linux Experiment did a video on this: https://tilvids.com/w/99oSPPBJb3tkdVLc3fsSe5
Well, i remember those times. I'd miss a few people who earn money and make entertaining stuff, like ElectroBOOM or Mark Rober doing squirrel mazes or annoy porch pirtates, Maker's Muse 3d-printing puzzles for wild parrots... People shooting documentaries. We'd lose some of those people, because they'd need to work a real job. Maybe they'd still make a video every now and then.... And for some videos you need funding. I think Mark Rober can probably still 'waste' 10000$ for a video because he can promote himself and the stuff he sells, but nobody else can. Same for things like people buying things and test and compare them independently. (Like computer components. PC magazines used to do stuff like that, but they also still struggle with earning money.)
On the flip side... We'd get rid of all the content farms at once. All those life hacks that don't work. All the fake stuff that's only there because the video takes 5min to make and some stupid(?) people watch it. It would be gone instantly. And all the reaction streamer people, too.
I really love things people create of their own accord. Like old youtube videos. Or art like music, published under a creative commons license. Cory Doctorow publishing novels you can download them for free. The funny Sysadmin stories from usenet times. All the free software out there. I really (figuratively) have no clue why people use something like windows instead of linux. it's really awesome. I prefer the free software video editors like Kdenlive. I wouldn't want to use some proprietary one.
There is great stuff out there, that isn't based on the business model of selling something now. Or tracking people and advertising stuff to them. I've lost track of what i was trying to say. The world would be kind of a different place. I don't know if better or worse would be correct categories. But certainly different.