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this post was submitted on 19 Jul 2023
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Enshittification spares no one.
Happens when you don't have competition. (Except to steam seemingly)
The difference is that Valve is privately owned. They don't have to please a board of shareholders who want to see the platform milked for the slightest increase in profit margins.
Bingo. Enshittification is mostly confined to companies that have gone public or whose sole aspiration is to do so quickly.
It shifts responsibility from satisfying customers/users to satisfying shareholders (who are never satisfied).
You can build the perfect product and ride a gravy train as a private company in relative perpetuity. As a corporation, you're just going to strive for perpetually increasing profits on a quarterly basis with no real care or focus past that
We need more companies like that, then.
For that you need passionate people who are wealthy and not primarily driven to acquire more wealth. That seems to be very rare in large scale businesses.
It isn't wealth that breaks or makes it. The system, and in this case the shareholding system makes it or breaks it. Valve owner Gabe is insanely rich (in the billions I assume) yet, because the system he put up, it is consumer friendly.
The system is the one, not the people.
Yes, the problem is when shareholders only want profit at any cost. These are the wealthy people I was talking about.
I mean, the other thing that's kind of stupid is - lets say a companies stock once issued goes to 0 and is delisted. So what? That's not the company going bankrupt. The stock market valuation has no direct application to a company once the shares are issued and bought the first time. But ignoring shareholder demands that would destroy the company wouldn't likely tank the stock of a otherwise good company - because there's someone out there who just wants value to hold and preferably dividends vs infinite growth (that doesn't exist). Now, you could buy enough stock to throw out the CEO and whatever, but that's likely to be expensive and a PITA. So while there's going to be some high profile examples, A) that gets close to taking a company private anyway, and doing a shitty job and B) generally limited numbers of companies will have people going to these lengths.
I think the bigger issue isn't wanting companies to be profitable - that's kind of the point of companies. The issue is shareholders trying to make capital gains on everything. This isn't possible long term because infinite growth isn't possible. I would argue what people and decent investors should want is the steady dividends and not worry about if the stock is up or down.
I could never grasp why the growth needs to be constantly growing instead of the business just consistently being able to generate profits. It's not sustainable.
I'd have to think Newell has a lot more skin in the game or passion for his platform. He actually believes in the business and what they do, instead of just viewing it as a way to make money
So you're telling me that I can generate stable revenue if I work on my product and try to satisfy customers? Sounds kinda radical... who do we even screw over to get the money??
This isn't entirely accurate. If Valve were a public company, the enshittification factor would increase significantly. The reason they're great now is because the current board is the original founders who are passionate about their business, and actually care.
Private or not, once Gabe and the other old farts die, Valve will enshittificate. That's almost guaranteed.
I think they will just live on as ghosts in steam itself. GabeAI here we come!