If everything goes according to the prediction of economists for 2024, a light crisis should decrease consumer confidence in the US.
One of the solution to re-energize the economy might be to lower interest rates.
Which means that if interest rates go down in 2024, companies are going to be able to borrow at extremely low cost.
In such environment, does the question of business model even matter ?
If your task is to raise debt, what you need is to sell a dream, not have a way to generate money.
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Back to Bluesky:
The bigger danger for the company now is most likely its own users.
"Open ecosystem"/"Freedom"/"Free-speech" users tend to be greedy and consider everything should be free, and at the same time are very active when it's about criticizing.
The "normies" of Twitter / Instagram, are likely higher spender because of the importance that vanity / self-promotion has in their life.
One key could be for Bluesky to focus more on content, than on technology.
Even on Telegram, people join groups and people, they don't really care if the source-code is here or not, or who controls what (because no matter how, this can change in the future).