Wix and Shopify are both publicly traded companies, while Automattic and Squarespace are both planning 2021 IPOs. Wix shares have gone from roughly ~$17 in 2013 to ~$257 today, while Shopify has gone from ~$20 a share in 2016 to ~$1,184 today. Automattic's flagship platform—Wordpress—is responsible for over a third of all sites on the web, and Squarespace was generating over $300 million in revenue back in 2017.
Webflow has roughly zero chance of replacing frontend developers, but the "everyone who needs a website and doesn't want to hire a frontend team" market is pretty large and has been for a longtime.
What makes Webflow interesting to me, and where it is a gamble, is where it stands on the spectrum of developer-friendliness to "can kind of use a computer"-friendliness. They seem to be betting on a change in the market, particularly around the emergence (or rapid growth) of a certain demographic: people who are familiar with web technologies (HTML/CSS/JS etc.) but who don't want to muck around in them directly to build a site—the "know enough to be dangerous" crowd, if I had to give it a name.
I don't know if that will work out exactly, and I personally don't really find it helpful, but it's interesting. At the very least, I personally know a lot of teams building non-SaaS products (infra tools etc.) that use Webflow for their frontend.
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