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Look don't listen to me because I have absolutely no business running a business, but if you want to start a social media business it might be worth considering why all popular social media businesses have the monetization strategies they do. How many make money actually running the social media business instead of doing something else, like running their data harvesting and selling business, advertising business, and so on, even though they have the majority of active social media using people signed up to them.
This idle thought provided to you by a bunch of blog articles and youtube videos. I will not be running a social media business. Ever.
See, the cool thing about running a Mastodon instance is that it's small. It doesn't need to grow. In fact, it's better if it doesn't grow too much. This not only keeps federation healthy but also doesn't run the risk of making me go bankrupt. Also me and everyone else here on this instance has the same goal. Use the social media. That's it. That's the entire goal.
Social media sounds like a terrible business to be in. I feel for anyone who tries it as their core offering. Also maybe don't. Worth considering. :)