I think the problem is that it's just not that appealing to the younger crowd. I tend to hear more people talk about posting to TikTok or some other platform. So in a way, they haven't been able to make themselves as relevant. They have stopped innovating to an extent so it has opened the way for new players to enter the market.
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It is the better mousetrap. That is one reason why I never invested in Facebook. I thought the old Warren Buffett idea about a most was not present. Of course, I misread that since their ability to kick off a massive network effect was their moat.
However, it looks like it might be starting to be crossed.
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