Yeah, this is basically where I'm coming from. There are ideologues and stans arguing both ways whether Bluesky is a moribund platform. I don't think it's intrinsically moribund. But I think that's the wrong question. The more important question is: is it succeeding to the point where it will attract another round of investment? That case is I think pretty hard to make based on the available public evidence --- but the Bsky people obviously know a lot more about this than I do!
I think the case can be made that twitter itself is unsustainable, and that the goal to create a new business model or social media system is part of the idea behind Bsky.
Admittedly- this does not sound like the investment thesis that raises 700mn usd. But! the larger goal of Bsky is to not be twitter, and to be a different type of social media. In general, its not going to be as good.
Whether there is a business model at the intersection of not-twitter and new social media, is to be discovered.
Taking a stab at it - I suppose the question is whether this can be converted into any sort of cheap subscription based model, which is efficient to run on long time horizons and so breaks even, long enough to keep attracting users, and offloading moderation tasks to user groups.
