Most here say that the reason is their censorship and while that is certainly playing a role, I think there is another bigger reason they are loosing so much of

Most here say that the reason is their censorship and while that is certainly playing a role, I think there is another bigger reason they are loosing so much of their value. The problem with Patreon is that it's a "piggyback business". That is, it wouldn't exist if Youtube, Instagram, Twitch and other didn't exist. I define a "piggyback business" as something that depends on another product to exist. If you build X for Y, you're piggybacking on the existing customers of Y wanting something more and opting for X. You can run a "piggyback business" quite well, just look at companies like LinkTree for example. Patreon's problem is that they got too big and the giants started to take note. They saw that they could take a chunk of that revenue by baking in Patreon's features into their own platforms.