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Reddit is profitable for the first time ever, with nearly 100 million daily users
(www.theverge.com)
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I fucked it up and switched the terms, sorry. Look for "value extraction" instead; you'll find multiple references to the concept such as this or Mazzucato's "The Value of Everything".
To keep it short: you create value when you produce desirable goods/services for the customers; however, when you extract it, you're picking the value that was already created (by society, your customers, or even your own business) and turning it into profit. The later is faster but unsustainable, as that value doesn't pop up from nowhere, so when a business shifts from value creation to value extraction it'll get some quick cash and then go kaboom.
In Reddit's case, this value is mostly users willing to generate, curate, and share content with the platform, and other users knowing this:
All that value was being slowly extracted through the last years, but the changes in 2023/2024 did it the hardest.