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Maybe we will see a fractionation between businesses that use the free but ad-supported model and the pay-based model. Recently, the investment platform M1 Finance decided to begin charging users with less than $10,000 in holdings $3 per month to use their service while giving everyone access to features that used to be only available in the premium plan. This has all been announced in advance, so it's not as if anyone should have been surprised about this. Many users, virtually all of whom have a total of holdings below the $10k threshold, flipped their shit and have claimed they are leaving the platform. Ironically, many of them are suggesting alternatives that cost more than $3 a month, and I'd wager a guess that a lot of these people are spending way more than that buying coffees every day. No one has to like having to pay for something that used to be free to them, but one really has to question their life if paying $3 for something that used to cost more than that per trade and require a lump sum up front is something to throw a fit over. If you have just shy of $10k in investments, you're not gonna retire, and $3 a month is the least of your worries. In my opinion, M1 is doing the right thing by saying goodbye to these users. They are the types who won't value your product, maintain chronically low balances, and will tie up your customer support with spurious complaints and misunderstandings. I predict they will be rewarded for keeping around customers whom are willing to pay. Hopefully, more online platforms figure this out and decide to do the same thing. I call BS on those claiming "no one will pay for that." If your business is only viable on attention, which is what the ad economy is based on, then its existence is in a precarious position, and perhaps your product isn't worth much to anyone except the ad networks. On the other hand, there are things that people are willing to pay for, or would pay for if given a premium experience. I've gone from watching stuff for free on YouTube to buying books and audiobooks because they provide far more value to me these days than the chum that is social media "content." I pay individual creators I appreciate on Patreon, etc. I have a Kagi subscription because I find it to be more aligned with my wants and needs than free search engines. I've gone back to buying individual songs and even buying CDs since they not only disappear from platforms but now there are artists that change their own songs retroactively. I pay my investment platform because it has better automation than competing free (or so-called free) competitors. Everything being free online is a meme, and hopefully it starts to die the more that the spehre of free things eats itself with spam and user-hostile behavior. They will always exist for those who have barely any money or those who don't value the conveniences bestowed upon them, but they can't be the only viable options anymore. Paying for things is a good thing. |