Even for an economist, Steemit is not easy to explain as it does not feel like it is being driven by regularly demand and supply forces. The demand for content links back to the demand for Steem itself, which is indirectly driven by the content; It is quite circular.
An important key to the success of this platform will depend on getting the most exposure to the best content. This will attract readers/viewers which will bring in more investment and increase the value of the platform.