Scotts point was that these brands have already declined, and that the only thing left is a very strongly loyal subscription base. That perked my ears up for sure.
In your example "very strongly loyal subscription base" is the asset.
Fabulous article (I think evergreen through regular edits/updates): https://www.worseonpurpose.com/p/the-mechanisms-of-enshittif...
Long on business keywords; a more soulless perspective than the above article: https://ahapartners.co/thinking/goodwill-isnt-a-rounding-err...