In case you haven’t heard, Facebook and parent company Meta took a nose dive recently.
Stocks plunged on February 3 due to lower than expected revenue projections. People are looking for better pastures. The most used social media platform has reported its first ever loss in daily users.
Total hit: The market value of $232 billion
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.
Problem is: The routine seems to be losing its grip.
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. Recently, I published a book on social media distraction. It suggested some new practices. 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.
Facebook’s grip might be losing its hold. Facebook is experiencing a decline in revenues and people leaving the platform for others (or deleting all social media apps), this presents an opportunity to the rest of the world.
To begin with, there are only so many platforms that work. This means everyone has to stay on the same platform. Although you may want to make a few more ad campaigns on different platforms, the only way to be successful is to keep your eyes on one platform. Now, the question is: what if Facebook doesn’t really work?
Most of my complaints about Facebook are that it hasn’t changed much. Privacy and security concerns, as well as the spreading of misinformation are all issues. Most of my Facebook emails are about boredom with social media, and all the repetitiveness of it. It has been quite boring to post, comment and like constantly.
According to experts, the best solution is to make the metaverse. All of us can become virtual avatars that roam digital playgrounds and purchase products. We also have the option to wear VR glasses.
I’m not sure. I’m sure the basic mechanics of VR headsets will remain unchanged. 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.
This seems like an unlikely prospect.
It is happening because old platforms begin to rust away and new ones emerge. That is what makes this exciting. Facebook and Twitter will be replaced by something else. It will be bolder, better and more exciting. This will result in better relationships between friends and coworkers. This will be Social Media 2.0, a sequel with all the new functions and features that we’ve never seen.
Facebook isn’t as bad as it seems. This could be the birth of something new. It might be something new.