Does it still make sense to start a new forum or community in the 2020s?

When I started my first community 20 years ago, “if you build it, they will come” was often a true claim. You could build a successful community merely by being the first in your niche to try it. But as we all know, the situation is very different today. The internet has become very competitive and people might not need your independent website anymore. They have Twitter, Reddit, Facebook, Discord and many other services they already use. So, does it even make sense anymore to start a new community website from scratch, for example using Invision Community? Let’s find out!