The best internet communities are ones that don't need to be a "company".
HN is a great example. HN is run by a rich guy as a hobby. There will never be ads, there will never be a board of directors, the UI will basically never change, there will never be consultants hired to figure out how to make money off of us posting. Yeah you probably could put ads on HN or data mine and make some money, but it won't be enough money for Paul Graham to get out of bed for.
Twitter is also like this. Jack makes his real money from Square. He can run Twitter like his hobby. That's what makes it so great.