Cory Doctorow published a terrific, insightful essay about how platforms die. He calls the process “enshittification”:
Here is how platforms die: first, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die.Pluralistic: Tiktok’s enshittification (21 Jan 2023) – Pluralistic: Daily links from Cory Doctorow
The essay is relatively long, and well worth reading.