this post was submitted on 18 Sep 2023
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It's truly the year of mask-off corporate reveals. WotC, Reddit, Unity, Twitter. Probably more I'm forgetting or unaware of. So many big moves to capitalize on long time stability that, quite predictably, result not in amazing increase in profits but the irrevocable tarnishing of public trust that they relied on. It's kinda wild to watch, honestly.
It's IMO a sign that the current financial bubble is about to burst and it's going to do so in a very violent way despite greedy bulls still pushing the "it's different this time, we have AI now" bullshit.
Investors have their money trapped in these companies, and when they see what riskless treasury bills yield, they naturally start losing their minds because their money is instead in companies that fail to make significantly more than that riskless benchmark. So those investors then pressure those companies to do whatever they can to produce a good enough return on investment in a short period of time as they run out of patience and they themselves know that hell is coming in the financial markets so their shares might lose an even more significant amount soon.
The end result of CEOs and executives under pressure by investors, and engineers stressing out because they understand the financial situation and that they have to either be yes-men and agree with whatever changes the executives propose or be laid off (because another way to reach the target set by investors is to reduce costs by firing people), is obviously the enshittification that we witness today.
microsoft making ux worse, google fighting adblock with drm, not to mention all sorts of non-tech catastrophe
somebody is gonna make a 'we didnt start the fire' about 2023 called 'we started the fire'
That's how it is once the free money dries up. The profits must rise, no matter the long-term damage this causes - so they try to bleed the existing customer base dry to keep things rising for one or two more quarters. What does it matter to them if all the employees who have worked hard for years will lose their jobs due to their mismanagement?
The conventional wisdow is that in time of economic turmoil, companies should lower their profit margins and weather out the storm.
However, in today's capitalism, this is not not acceptable. Shareholders demand ever increasing profits and anything short of that is considered a failure. If you don't keep your margin, you are to be scolded and discarded.
Now, the loans that many of the companies have cost a lot more money than 2 years ago. So the enshittification is used to enable the continued growth to keep the profits growings.