Is Facebook Having its MySpace Moment?
The string of bad news hitting Facebook have some questioning; is this FaceBook’s “MySpace” moment? News reports surfaced today that 14 million Facebook users’ settings were made public from May 18 to May 22, while testing a new feature to be released on the platform. Facebook’s reputation has been severely damage due to fake news, spam and clickbait advertisement. Furthermore, Facebook and other traditional centralized social media companies have profited handsomely off of their users meta-data which does not help from a PR stand-point.
The issue of data privacy is a hot topic in 2018 and could be the catalyst for decentralized content publishing platforms like Steem to step in as a replacement technology. The Steem network delivers powerful design features such as on-chain governance built into the protocol. Steem has the potential to up-end social media and the entire content publishing industry.
source
Twitter and Facebook have been experiencing declines in user growth. In particular, Facebook is losing young people at an alarming rate. According to an article published by Insider Business, Facebook has experienced a -20.7% decline in users between ages 11 - 24 years old. Facebook has lost its appeal to young people and the platform’s reputation is only getting worst. The only saving grace for Facebook is Instagram which has seen exponential growth since its launch, from 1 million users during the first two months on the market to 800 million users by September 2017. In 2012 Instagram was acquired by Facebook an estimated $1 billion.
source
Only time will tell if Steem will be able to scale to size of an Instagram which has 800,000,000+ users on its platform. Currently Steem has only 1 million accounts registered on the blockchain. Nevertheless the opportunity for Steem to disrupt the current social media landscape is enormous. The technology is impressive. Steem has demonstrated so far that it can scale, with the most transactions of any blockchain including Bitcoin. Steem’s main-net just went live in June 2016.
we're definitely at peak facebook
compare with myspace...
but of course there is the xfactor of facebook's acquisitions
personally i just think things like instagram and whatsapp just buy FB time b4 decentralized social networks annihilate FB and MZ's fortune with it
source: https://trends.google.com/
Awesome charts @marketstack don't you one up me on the chart game HAHA!!!
Steemit now has 1 million users, its amazing. Yeah I think we may see a shift soon.
thanks for the graphs to compare.
Are you pertaining to active users or number of accounts in Steemit? From what I've read, there's only about 100,000+ active users (plus sleeping whales). Others could be spam or bot accounts.
That's far from insta's 800mil users. 799mil more then we're even.
@zeddjacob
Im quoting total accounts, not active. Steemit has over 1 million total users, I know its not Facebook level and other large social media platforms. And thats great growth even with only 60k-170k active users right now.
One year ago we had 10k active users and 100k total users.
https://steemit.com/statistics/@arcange/steemit-statistics-20180612-en
I see...
To be honest, I'm rooting for steemit to trend someday, I hope the others have the same vision too.
Before steemit, I used to be a blogger and I daily drive traffics to my blog from social medias especially Facebook but since I joined steemit it became profitable to me to both drive my traffic and blog on same platform.
This is a huge replacement for me. And for the past one month I haven't even posted on Facebook.
The more bloggers leave Facebook, the more decline it will experience.
@jacobit yes- Steemit is a bloggers dream... Although we need cleaner and more flexible interfaces on Steem to really complete with the likes of Medium...But Steem is a plug and play backend that can disrupt and did I mention my favorite part of Steem? ZERO TRANSACTION COST HA!
You are on point @lionindayard
Compared to most of our blog monetization system like Google adsense the fact that I don't have to wait to a $100 withdrawal threshold is one of my favorite part.
I pray steemit gets the attention it truly deserves.
Sadly, if more people come to steemit then the reward pool shrinks then our upvotes become less valuable (in terms of steem). Though buying pressure on steem may skyrocket if hype does it's job, thus compensating for the lost upvote value.
And the reputation system is broken too, it should be based on collective opinion rather than the upvote value as was said here (plus other solutions).
Steemit surely need more work to become mainstream.
Exactly what I fear may happen too.
I'm however optimistic that strategies will be in place soon to counter any negative effects increased population on steemit may cause.
Facebook site exploits users so the percentage of 😀registered
Really very special information😊
@lionindayard Mostly users traffic move to different platforms.
Users want to try some different things to time by time.
I think right know the mostly user choice is Steemit.
@mosij agreed. However I do like busy.org as well. To be honest I am indifferent about the steem interfaces and more excited behind the technology. I mean DPoS is a innovative protocol, on-chain governance centered around the token at the protocol level is fantastic and the SMT tech!!! Steem is an orgy of opportunity!
Facebook should buy Steem. lol
It's a joke, right? Lmaooo
'active users' is the key here. I think we'll see the usage of facebook fall, but people will stick to it because they still use it for friends and family. Any shift will be gradual unless more negative triggers for fb happen.
And this may give fb time to adjust itself in some ways for the crypto-powered world over time (however, they can't exactly alter their very infrastructure!)
Steemit is quite a unique space right now, it's quite a different type of content. If it tries to be more profile-based, it could lose its identity right now as a content creation vehicle. (But that's not stopping other projects that focus on the profile /photo , plugging into the Steem blockchain.)
There's room for both? But with token-based platforms on the rise, FB will have to ride that train, before so many others start taking off. Heard of Mithril yet? Narrative?
Lol oh wow u brought up a dinosaur "myspace" haha. I wish i could remember my info to at least take down my info and save some videos i had on mine lol. I really liked how we could customize our page with music and things .
There are a few key differences. Facebook was a direct attack on myspace but it still doesnt have any direct competition. True youngsters are going to better platforms like snapchat but from what it seems, instagram is getting good. Facebook has a lot of tools under its belt - whatsapp, instagram, facebook for work and then the marketplace which is crap but can be scaled.
Add to that all the grown ups still to get onto fb in developing and underdeveloped countries. I think there is still growth left for fb. The myspace moment is far away.
Thanks @lionindayard for sharing
With the fall of facebook reputation will certainly provide an advantage for steem to rise, its potential rise steam big enough for the future.
Thanks @lionindayard