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> The social networks are big because they have genuine utility. I think this is mostly wrong, and that the social networks are big primarily because they spent money at the right time to create entrenched network effects that allow them to rent-seek ever after. The quality and innovation of the services themselves (especially simple sites like twitter/X) is not the moat. At a technical level, most are easily clone-able and dominate not because they offer the best service or have the best features but because "everyone is there." That ubiquity is the only "genuine utilty" they are offering you. I said "mostly" above because it seems like substack, e.g., as you said, has bundled payment, email, etc in a way that people really like. Even there, though, the network effect is probably the dominating factor. |