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I think with each generation we’ll get another wave of platforms, but I don’t think that has to mean the current kings get abandoned.
Right now it seems like Instagram is going the way of Facebook in the early 2010’s, in the sense that the platform remains popular, but it’s not the clear king it was in 2017-2018. The same way millennials shifted away from Facebook, to IG, when their parents started joining, it seems like Gen Z is creating their own space away from Instagram with Tik Tok. Millenials didn’t delete their Facebook accounts but they did start posting differently and/or less frequently. Gen Zers might not delete their IG but it may be fair to say they don’t view Insta with the same excitement that their older siblings did.
Unless a new business model for social media platforms comes into the picture, I think we’ll continue to see this pattern of peaking platforms where new platforms emerge as the #1 for 2-4 years and then slowly fall off as they begin introducing ads and limiting post reach.
Another thing that could happen is platforms climbing back to the top by introducing new features or redesigning their platform. If Facebook introduces the best VR social media platform, and links all of their other products/services into that new platform, then Facebook could become the most popular platform again in 8 years.