> The author reminisces of a time
This sounds like another way to say that the environment changed and thus the deal did.
There's still a ton of ads. And it isn't like Meta is making less money. They're just below their all time high[0] and it's not like there was one of the largest global financial crises between these two periods or something. Meta is in the top 10 for market caps and just shy of getting into the trillion dollar club. I'm not sure what argument you're trying to make because I'm not seeing how Meta (or any FAANG) is struggling.
> And there are amazing non-FAANG spaces today like the Fediverse where the author can distribute their work, and the number of users there are easily comparable to the 'old internet' user counts.
Be realistic. We both know that 1) many of the artists are trying to distribute there, 2) that this doesn't prevent their work from being used in ML models since you can still download the material, 3) the audience is substantially smaller and Mastodon is not even close to replacing Twitter.
> platforms and powerful interests shape userbases
Also remember that platforms with large userbases shape users. There's a reason why the classic Silicon Valley Strategy is to run in the red and attempt to establish a (near) monopoly. Because once you have it, you have a lot of power and can make up for all the cash you burned. Or you now have a product to sell: users.
[0] https://seekingalpha.com/symbol/META