Writing became the thing anyone can do, free, in a browser tab. A product that sold writing and nothing else was suddenly left with one argument, and the argument could be had elsewhere.
And here is the part most people telling this story skip: they didn't collapse. They moved. They stopped selling to the single person with a personal brand and moved to marketing teams inside large companies — and in that segment, over the last fiscal year, they tripled their revenue. The decision was a good one. It just left behind exactly the customer this article is about.
The ground I'm standing on is open — but it's open because somebody lost money on it and left, not because nobody saw it. It's worth saying before anything else, because it's also the reason the rest of this article isn't a list of checkmarks.