All these companies want to make money eventually to justify their "technology company" valuations, show growth to keep expensive employees excited about stock options, etc. But the truth is that there just isn't any real reason for any of these companies to own text-based article hosting in the long term. There isn't enough of a network effect with blog posts like there is with traditional social media.

Medium started squeezing everyone, so everyone left for Substack. Now Substack is doing it, so everyone is leaving for the next thing.

Whoever owns the next thing may be the most benevolent people in the world, but given enough time and money, distant future owners will probably do the same thing.

The only long-term solution is to own your own site or pay sustainable (chunky) fees to a service that makes money from hosting you, not from being a 'social platform'.

Maybe it makes sense to start on one of these social platforms to grow an initial audience, but any platform will eventually need to juice you for it's own growth when the VC money runs out. It's just the economics of it.