Future of Facebook? Will They Survive or Be The Next Myspace?

Kikkoman56 on 05/02/2022 - 18:49

In response to the recent news of Facebook's massive drop in stock value and first ever decrease in active users on the platform, what are your thoughts on Facebook and it's future?
If you haven't seen the articles check here.

As the article above mentions, they're still profitable but betting heavily on the "Metaverse" working out and becoming the next big thing.

Personally I don't use Facebook anymore beyond Messenger and social event planning and I don't see many of my own friends doing much more on it beyond that.
Add to that all the ethical and PR disasters they've been involved with in recent times and it paints a pretty negative picture.
However, it's undeniable that they still have a ridiculous amount of user data that I'm sure could produce profits for quite some time even as users slowly pull away.

On VR and the Metaverse, I am admittedly tempted by the lower price and simple setup of the Oculus Quest 2 versus the other alternatives.
But it's still $479 for the device and more money to buy an elite/3rd party head strap to improve comfort.
Add to that the games and apps and you're easily spending $500+ on a device that ties you to Facebook/Meta's VR ecosystem.

I also wonder how long they'll be able to sustain their push into the market with VR considering that as per the article above " that division lost $10.2 billion last year".
While admittedly I'm not the most social person - most of the people I know that are into VR don't own the Quest 2 and instead have a HTC Vive/ Valve Index or PSVR.
These are all more "tech savvy" gamers and not the typical internet user, beyond that I haven't heard of any other people I know go out to buy one.

When you put that perceivably slow adoption rate of their new platform, along with iOS' update to ask for tracking permission and the beginning of a decline in Facebook userbase it seems like the Zuck is in a bit of a pickle.

What are your thoughts? Do you think they'll survive and thrive or be gone in the next decade?

Poll Options

  • 24
    Facebook weathers this and the Metaverse becomes the next big thing
  • 454
    Facebook suffers a slow decline and the Metaverse doesn't gain widespread adoption
  • 8
    Facebook crashes and burns a la LeTV's pivot into Cars and Phones
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Comments

    • brendanm on 06/02/2022 - 11:08
      +3

      Greater fool theory.

    • [Deactivated] on 06/02/2022 - 12:35

      Have you got a link to this story

      • brendanm on 06/02/2022 - 14:13

        It is everywhere at the moment, fire up Google or duckduckgo.

        • pharkurnell on 06/02/2022 - 18:34

          Sadly its mind blowing people are this gullible

          • brendanm on 06/02/2022 - 21:43
            +1

            @pharkurnell: Makes me wish I was morally bankrupt enough to take advantage of them all and get rich.

      • AnotherCheapo on 07/02/2022 - 09:48

        https://www.youtube.com/watch?v=wDI_MbQnen8

        ABC report on fake land

        • rektrading on 07/02/2022 - 09:54

          The ABC know as much about metaverses as a loaf of 🍞.

      • Tooslow9394 on 07/02/2022 - 14:53

        There’s a podcast from “the daily” on this very topic. Parents buying virtual land for their children.

    • Baysew on 06/02/2022 - 14:19

      Should I hang onto my moon holdings and not buy into the metaverse?

  • rektrading on 06/02/2022 - 10:30

    The money will keep flowing.

    ROBLOX REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS
    11/08/2021
    Year-over-year Revenue Up 102% to $509.3 Million; Bookings Up 28% to $637.8 Million; and Free Cash Flow of $170.6 million
    https://ir.roblox.com/news/news-details/2021/Roblox-Reports-…

    Fortnite made more than $9 billion in revenue in its first two years
    New financial figures were revealed as part of Epic Games’ antitrust case against Apple
    By Mitchell Clark Updated May 3, 2021, 5:12pm EDT
    https://www.theverge.com/2021/5/3/22417447/fortnite-revenue-…

  • LFO on 06/02/2022 - 11:09

    WOT?

    What is Metaverse ?

    • TransportPosters on 07/02/2022 - 10:45

      WOT means wide open throttle and a metaverse is like a fully digital world you can immerse yourself in, eg. like they do in the movies Free Guy and Ready Player One.

      • LFO on 07/02/2022 - 13:34

        Thank you

  • mitt on 06/02/2022 - 14:00
    +1

    Facebook INC will be fine. They will buyout any up & coming replacement & own them too, even if facebook.com declines the company is large enough it has become immortal.

  • Baysew on 06/02/2022 - 14:14
    +1

    Facebook appears to be to be still highly accurate with targeted ads - Facebook Hits Scotty With Targeted Ads For Waikiki Beach As Bushfire Warnings Appear In Newsfeed

  • gimli on 06/02/2022 - 14:49
    +6

    i predicted facebook would be overtaken by google plus about 10 years ago and deleted my fb account.
    I was wrong. :(

    • Doyen on 06/02/2022 - 16:37
      +3

      No, you were right by deleting your fb account.

      • pharkurnell on 06/02/2022 - 18:35

        I've never stalkerbooked… but i might create an account just so I can delete it :D

    • prodrome on 06/02/2022 - 18:56

      Myspace actually was bigger than Google, then Newscorp bought it.

  • Cletus vandamme on 06/02/2022 - 15:51

    Of course they'll survive. As long as there are people doing anything for attention and money Facebook will grow back stronger. Metaverse will become the next big thing because everyone loves the new shiny thing they can showoff to randoms on. It's funny with technology getting better we are becoming worse as a society.

  • 82norm on 06/02/2022 - 17:37
    +4

    No interest in FB, let alone VR. Real world is challenging enough, who needs these distractions or escapisms.

  • DiscoJango on 06/02/2022 - 18:01
    +2

    Interesting that back in the day they would say don’t sit too close to the tv. Now they want you to strap on vr headsets with screens literally millimetres from your eyes…

    • SBOB on 06/02/2022 - 19:11

      Times change…
      They used to say an apple a day keeps the doctor away, now they say to have 5 fruit and veg
      ;)

      • DiscoJango on 07/02/2022 - 20:46
        +1

        Im referencing a physical scenario, your referencing a random quote???

  • No ONE on 06/02/2022 - 18:13

    is there any alternative app? no, then unlikely.

  • spychiatrist on 06/02/2022 - 19:45

    Which Adam Sandler movie had him speak in MySpace HQ and say, "F(ark) Facebook!"

  • Herbse on 06/02/2022 - 20:20

    They've cleverly integrated too much into people's lives. Less people use "Facebook" as a social media tool to share things, especially the younger generation which have moved away from that. But it is used by everyone as their main source contacting people either through messenger or WhatsApp. Or people are locked into having an account to be included in group events, using the marketplace etc.

    In poorer countries where people can't afford internet plans, Facebook is free through their providers. So people depend on it for messaging, updates and news etc. They have a massive market overseas because there's literally no alternative for people.

    I don't think metaverse is anything other than a marketing tool. But they definitely won't be dying, they are too big and part of people's lives to be going anywhere ever now. It's quite amazing really.

    • virhlpool on 07/02/2022 - 11:26

      But it is used by everyone as their main source contacting people either through messenger or WhatsApp. Or people are locked into having an account to be included in group events, using the marketplace etc.

      Besides this, Facebook Groups (public and private) are still pretty big without any strong alternative.

  • gesco on 06/02/2022 - 20:23
    +1

    There is no way that someone born today will use something that their grandparents and great grandparents use.

    • Herbse on 06/02/2022 - 20:26

      Yet they are.

      Parents sign kids up for messenger kids to keep in touch with grandparents and their friends. It's one of the best chat/video call apps which also give parents full control and oversight of what the kids are doing.

      When the kids move away from messenger kids, they move onto messenger with a FB account. And like that they're locked in.

      • virhlpool on 07/02/2022 - 11:31
        +1

        I thought kids/ families use Whatsapp and Facetime (iPad/ iPhone) much more than Facebook messenger for such calls.

        • Herbse on 07/02/2022 - 12:28

          The games and augmented reality in messenger for kids is much more appealing.

  • icomeforthecomments on 06/02/2022 - 20:52
    +1

    So happy that Zuck is finally having to sweat a little. They really did nothing in response to Cambridge Analytica. While most reasonable people were shocked the platform was used to sway a US election, all Zuck cared about was profits and power.

    • Baysew on 06/02/2022 - 20:55
      +1

      But will he blink?

      • MrThing on 06/02/2022 - 22:35
        +2

        He can't, Aliens from other planets dont blink

  • Qazxswec on 06/02/2022 - 21:30

    What is MySpace?

    • Queue2Queue on 08/02/2022 - 13:05

      What is geocities ?

  • beefmaster on 06/02/2022 - 21:31

    Even long time ago I saw Facebook been a fad. It will come and go like fashion. Unlike the fashion industry where the fashion designer can release new season clothes in hope to meet new trend, I don't think it is so easy for Facebook. Facebook changing to capture new generation will risk alienating existing customer and potentially fail to capture the new target market/generation. Failure to change with time means a slow death as the target audience slowly age and die. Lose lose situation.

    I am so happy Facebook is failing.

  • RatBargain on 06/02/2022 - 22:03
    +1

    Absolutely hate facebook, it’s ethics, morals, greed and everything they have enabled in the last 3-4 years. I hope they fail and Zuckerberg eats poop

    • MrThing on 06/02/2022 - 22:37

      Facebook and social media promote and foster the 7 deadly sins.

      They also promote baseless fiction and propaganda at lightning speed

  • Morphio25 on 06/02/2022 - 22:38

    I'd love to see it crash and burn. There are too many up themselves group mods who permaban people at the drop of a hat. The amount of ads and crap videos being posted are pretty annoying also.

  • rektrading on 06/02/2022 - 22:53

    I see that there is hate for FB. Many of you want it to fail, crash and burn.

    When was the last time you checked your ETF and super fund? Did you know that MAANG is part of almost every ETF and super fund?

    • icomeforthecomments on 07/02/2022 - 00:16

      Most balanced funds have approx. 25-30% international shares in the mix. This falls a bit more when just considering the US market. And considering the size and diversity of the US market, Facebook would have a negligible impact on most people’s returns if they completely went out of business (even though this is highly unlikely). In any case, I don’t think we should just pursue profits. Facebook’s actions are having real societal impacts and costs.

      • rektrading on 07/02/2022 - 08:02

        MAANG makes up 18% of the SPX. FB will take up their fair share the SPX, ETF and super fund.

        I like my staking fresh and juicy. I don't care how it gets on my plate.

        People want profits. They want their ETF and funds to pamp. They just don't want to know how it gets pamped.

  • Gumster on 06/02/2022 - 23:32

    Facebook, sadly is almost too big to fail now.

    Even if you only use it for Messenger/Event planning its still being used and your still an active user.

    They had a big correction but im sure they will bounce back, and just have slower growth over the next few years.
    They have the marketing domination to make their VR succesful.
    VR is still very much a niche industry but if Meta can market it to the masses they will beat existing tech

  • Cluster on 07/02/2022 - 00:36

    Facebook is big enough to buy out every competitor that threatens it. It'll be fine. Unfortunately.

    • beefmaster on 07/02/2022 - 10:31

      Then as their portfolio of products grow, they fail to capitalise what they have due to mismanagement. Then die a slow slow death. Marky will still be super rich.

  • redslert on 07/02/2022 - 01:48

    FB is massively oversold.
    There are loads of large global consumer businesses allocating marketing dollars to be spent somewhere. FB still remains to be a significant advertiser and there's very limited alternatives which will take away that spending.

  • SpaceNinja on 07/02/2022 - 01:57
    +1

    Facebook will bounce back, literally 40% of all humanity is on facebook, user % can't keep on going up. Most of the current customer segments can be further monetized.

  • Bid Sniper on 07/02/2022 - 07:08

    Facebook is cancer and metaverse is cancer 2.0 with a expensive buy in.

  • cashless on 07/02/2022 - 08:41

    Hope Twiggy takes them to the cleaners as well.
    If he wins, doubtless he'll plough it all back into some philanthropic cause

  • ankor on 07/02/2022 - 09:08

    Good luck getting VR to replace the various multiple streams of entertainment that are happening simultaneously at any one time for my teenage nieces and nephews.

    VR seems to lock you into one mode of media consumption, I don't see how that is going to work.

  • JuryWheel on 07/02/2022 - 09:37

    Surely there is a business case for a new app/wesbite that is basically what facebook was when it started out….(a way to chat/share etc with your friends….). Probably just not much money in it if it doesnt involve business's/ads etc

  • rektrading on 07/02/2022 - 09:49
    -1

    Metaverses (plural) will be the next playground.

    Don't take my word for it. Follow the money.

  • roozmik on 07/02/2022 - 10:00

    i think it will survive, but don't think it with thrive like it once did.

    still a good place to have your friends and frenemies and lets you share if you feel like it.

    i checkout the marketplace more than i checkout my feed these days.

  • pharkurnell on 07/02/2022 - 10:12

    If stalkerbook with down the drain there'd be mass suicides in the streets with so many people unable to walk down the road without having to check their status and friends not realizing they spend most of their day with their face buried in it

  • MrFunSocks on 07/02/2022 - 10:13

    Add to that the games and apps and you're easily spending $500+ on a device that ties you to Facebook/Meta's VR ecosystem.

    You're not being tied to anything. I use mine to play PC VR games, watch Plex, etc. This is like when people incorrectly say that buying an iPhone "locks you into apples ecosystem". Oculus has the biggest ecosystem for VR at the moment so that's where most of the content is, but you're not "locked in" to that.

    The whole Metaverse thing is still just a concept anyway, there's nothing to lock you into at the moment.

    I used the oculus workplace thing the other day to see how it is, thinking it would be a silly gimmick, but damn - as someone that works from home full time now thanks to COVID, having a virtual workplace where I can see other people (as avatars) and actually have my desktop in front of me, with my keyboard on the table and my hands on it, with the ability to draw on shared whiteboards and even things like upload images to use as posters on the office walls, it was a pretty eye opening experience.

  • Jaysful on 07/02/2022 - 10:16

    In terms of how current users are using Facebook. Even for businesses who use Facebook as their business homepage, there's no like-for-like substitute right now. I personally don't use Facebook as intended, I only use it for FB marketplace.

    Facebook might integrate new 'life' features to keep it alive. e.g. Denist booking, restaurant reservation, event ticket purchase etc. Facebook marketplace as I mentioned is extremely popular now over Gumtree due it being slightly more secure. They can turn Facebook into a life app and they might survive (instead of purely social media/shitposting).

  • virhlpool on 07/02/2022 - 11:07

    Some of the advertising products (and targeting capabilities) that Facebook has are unique to them and they enjoy monopoly. As long as no similar platform comes up (which Tiktok is not), I believe their existence and revenue are intact to a decent level despite decline. Also, I reckon marketplace is increasing becoming more popular (people use less of Gumtree now). A lot of tiny/ small local businesses run solely on Facebook marketplace. As some of the previous comments mentioned, I can't see any similar product in market either at this point, besides Gumtree (eBay already lost this battle long back though Gumtree is owned by eBay too).

  • Vallani on 07/02/2022 - 15:29

    Prefer friendsreunited

  • afah0447 on 07/02/2022 - 15:58

    Facebook will survive as many people use it as a cheap and easy way for their business to get online. It certainly stopped being 'cool' years ago and Zuckerberg is an accountable psychopath.

    • Top G on 07/02/2022 - 16:36

      The zuck comes off as an awkward autist with low moral compass more than anything

  • xtremehell on 07/02/2022 - 16:44
    -1

    Hopefully Facebook dies.

    Reddit is intellectually superior and Facebook is for stupid boomers.

    • Top G on 07/02/2022 - 16:48
      +1

      Reddit is still decent but its slowly being eroded away. Sly marketing strategies with fake stories have become way more common , a wave of FB refugees would spell the end. Kinda good FB keeps them in that bubble.

  • ozlab on 07/02/2022 - 16:50

    FB owns instagram and whatsapp. They will survive because of monopoly and whatever company they are going to take over to add more users.

    • hopper on 08/02/2022 - 10:43

      Are they really earning from whatsapp? I don't see any ads yet, sure they will be coming soon.

  • hopper on 08/02/2022 - 10:39

    Mark already looks like metaverse character

  • RolandWaites on 08/02/2022 - 10:39
    -1

    Absolutely no chance FB will dissolve. This question is as ridiculous as it was five years ago. There is simply no genuine competitor in the market. Meta may not have convinced the majority yet but in five years it'll be a whole different game. Zuck, as much as it pains me to accept it, is on the right path by pioneering this space.

    • gromit on 08/02/2022 - 12:01

      FB has a LOT of competitors, most of them are indirect though. The issue with Facebook is the younger crowds are not adopting it and are instead gravitating towards different means of social media. That is a massive risk to FB, they aren't going to disappear anytime soon but they do have a very serious problem on their hands which they openly admit. Meta and metaverse I think is a huge gamble, it may payoff or they could well and truly lose the race in this space, unfortunately for them when it comes to personal information Meta is seen as untrustworthy and that will have a big impact on anything they try and push if they can't change that perception.

  • hopper on 08/02/2022 - 10:45

    Stopped using Facebook since 2012. Made me feel much better from day 1. Opened a account for my dad, I use it just for market place

  • rektrading on 08/02/2022 - 11:08

    Who is investing in Bitcoin, Ether, Defi, NFT and the Metaverse? People that are smarter than you are.

    "We've invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come," he added.

    KPMG in Canada acquired Bitcoin and Ethereum on its balance sheet through Gemini Trust Company LLC's execution and custody services.
    KPMG LLP Feb 07, 2022, 11:30 ET
    https://www.newswire.ca/news-releases/kpmg-in-canada-adds-bi…

  • jerjergege on 08/02/2022 - 12:14

    For it to fail there needs to be another platform people are moving onto, like myspace to facebook.
    What is the platform people are jumping to atm and what is better about it comp[ared to facebook?
    Facebook had a live feed and status updates from your friends, where myspace only had everyone's individual pages.

  • giventofly on 08/02/2022 - 13:58

    Hopefully they crash and burn.

    Contemplating deleting Instagram but I love photography

  • Raj09 on 08/02/2022 - 14:43

    Fb is useful for some people. The ones who want to sell stuff or start a business with a lot less. It's easy to have to a chat box etc thru Facebook.

    However the shady practices and the two timing nature of some of what they say is going to beat them to the ground. I don't think it's going to shut down. It is sure going to change though

  • RatBargain on 08/02/2022 - 17:13

    VR is a game changer just like 3D tvs were a game changer

    • Cluster on 08/02/2022 - 18:07

      VR will be a killer app when someone invents real feedback for the controls. When you grab a box in mid air it actually feels like a box. Many people don't know we've had VR for about 30 years. It's only slightly less clunky than it used to be.

      3D will likewise become popular when you don't need glasses to see the effect, don't need to look at one particular spot, and there is no eye strain.

      • RatBargain on 13/02/2022 - 18:18

        I was being sarcastic. Wearing goggles all day is a hard sell no matter how bullish you are on VR

        Let alone light weight 3d glasses

        • RatBargain on 13/02/2022 - 18:21

          Also I hope zuckyouberg spends more billions on it and fails. He shouldn’t have profited from destroying families and societies from lies, hate groups and misinformation campaigns

  • rektrading on 11/02/2022 - 02:43

    Gm fam,

    Today will be a great day.

    What if
    Meta(verse) + WhatsApp + Lightning network =?

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