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Why is Lemmy obsessed with the word "enshittification"? (sopuli.xyz)

submitted 6 months ago by [email protected] to c/[email protected]

132 comments fedilink hide all child comments

I see it referenced constantly here, not quite as much on Reddit. I know what it means, but just wondering why such the popularity over on this side of the fence?

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[–] [email protected] 4 points 6 months ago (2 children)

This seems similar to Wall Street's "profits must increase every quarter" approach. Once a business gets somewhat popular, Wall St. types start sniffing around and offer to take it public. Once public, Wall St. wrings more profits out of the business every quarter until service/products collapse and customers flee elsewhere.

[–] [email protected] 2 points 6 months ago (1 children)

At a certain point, a company’s primary product becomes its stock. Share buybacks, short term gains, etc become the strategy. The goal is no longer to create value for customers, but to create value for shareholders.

[–] [email protected] 1 points 6 months ago

At a certain point, a company’s primary product becomes its stock.

That's a very concise point. Thank you for this insight.

[–] [email protected] 3 points 6 months ago (1 children)

Exactly. Whatever product or service a business provides, once it goes public, the primary goal becomes profit--everything else is secondary and subject to removal if it promotes the primary objective. Shareholders don't care about the long-term viability of the business--once it peaks, they'll sell and move on. Basically a financial swarm of locusts.

[–] [email protected] 3 points 6 months ago

Basically a financial swarm of locusts.

Egads. Perfect anology. I'm going to steal that one. Thank you!