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Have any services like this managed to develop a sustainable business model, especially after taking on investment?
Doubtful. They always are optimistic how many people would subscribe, it turns out that nobody subscribes, and then it’s either them folding or speed-running enshittification and spying.
Sure, they make a new product get more venture capital shut down the old product, then wash, rinse, repeat.
There were some successful Twitter clients I think. TweetDeck was famous and ended up acquired by Twitter.