WASHINGTON, DC - APRIL 10: Facebook co-founder, Chairman and CEO Mark Zuckerberg testifies before a ... [+]
In case you haven’t heard, Facebook and parent company Meta took a nose dive recently.
The stock plummeted on February 3, mostly due to some lower-than-expected revenue projections. Users are also looking for greener pastures. For the first time ever, the most popular social media platform in history reported a loss of daily users.
The total hit? $232 billion in market value.
That’s seriously troubling if you work at Facebook, promote your company on the platform, run paid social ads, or just like to post memes on a routine basis.
The problem is that the routine is starting to lose its hold on us.
I’ve been studying Facebook and social media trends quite closely these last few years, writing this column but also paying attention to the brands who engage with their users and the meager competition that’s out there. I recently released a book about combatting social media distraction, suggesting new habits. I’ve also written about a few new social media apps in recent years; a few have drifted from memory and many don’t even exist anymore.
Yet, the tight grip of Facebook might be slipping. With a drop in revenue and users departing for other platforms (or just deleting the social media apps altogether), there is an opportunity for the rest of us.
For starters, when there is only one dominant platform, it means we all have to stick around and pay the piper. You might want to diversify and try ads on other platforms, but when there is one big gorilla, you have to stick with what works. Now, the question is: what if Facebook doesn’t really work?
Usually, the complaints I hear from most of you is that Facebook has not really changed that much. There are issues over privacy and security, about the spread of misinformation. Honestly, most of the emails I receive about Facebook talk about being bored by social media and the tedious routine of it all. Constantly posting, commenting and liking has become quite stale.
Some experts say the solution is to create the metaverse. We can all become avatars who roam in digital playgrounds, buy products, and wear VR goggles.
I’m not sure. The basic mechanics will likely stay the same. As much as I’ve tried many times to wear VR headsets, I still get a headache after about 10 minutes. I’ve written before about having a “VR room” where the alternate reality of the metaverse is displayed all around you, no headset required.
That seems like a distant prospect, if it materializes at all.
The reason this changes everything is that, when the old and stale platforms start to rust and fade away, new platforms emerge. And that is the truly exciting part. Something will replace Facebook and Twitter. It will be better, bolder, and more exciting, It will lead to better connections with coworkers and friends. It will be Social Media 2.0 in the truest sense, a sequel that has all new features and functions, something we have never seen before.
Seeing Facebook decline is not as depressing as it sounds. It might birth something brand new. Will you be ready to adopt it?
