Basically, Steemit allows everyone to create, add and distribute content.
Being the only platform that allows users to ALSO gain money from being active, I think it has a huge advantage over the traditional social media platforms.
Ask yourself: How many hours have you already been active on Facebook, Twitter, Instagram combined? And now just imagine if you would have received 10 cents for every interaction (posting/commenting/reposting). THAT is the power of Steemit.
Try out your first post on the right corner of your screen "Submit a story". Now try to make it interesting/fun for other people to read. If you want an upvote from me, just ask me and I'll give you your first upvote :)
Although if we look at how many active users, including posts, reposts and comments the other social media has, I hope that it will be profitable in the long run. I do think it will stay profitable for everyone, but there will be advertisements etc.
We'll see...