The real answer is that the original core proposition of Patreon was a fairly [b]boring[/b] business. It's a payment processor alongside a smaller hosting business. For most consumers of their platform it's not something they need or intend to interact with that often.
Unfortunately Patreon saw itself as primarily a tech-company able drive interactions via its own platform and capture more value from creators[]. The pandemic - and the ensuing explosion in the number of creators and consumers - fed this illusion further.
Both factors led to an influx of VC money, and now they are stuck trying to make returns against a mostly fictitious valuation.
[] This should have always been a warning sign, the average creator isn't rich, they aren't making bank on things like t-shirts.
Just a little HN editing tip: if you put a backslash before the star like this: '[\*]', it won't disappear and turn the following paragraphs to italics.[*]
Unfortunately Patreon saw itself as primarily a tech-company able drive interactions via its own platform and capture more value from creators[]. The pandemic - and the ensuing explosion in the number of creators and consumers - fed this illusion further.
Both factors led to an influx of VC money, and now they are stuck trying to make returns against a mostly fictitious valuation.
[] This should have always been a warning sign, the average creator isn't rich, they aren't making bank on things like t-shirts.