I don’t think social media is any different from any other fad.
To wit: with a fad you have massive, instant and universal buy in from a broad spectrum of people. Then eventually people move to the next thing and the fad dies. A concrete example here would be the fact that quite a few people valued their beanie babies at well over $1k at the peak of that craze. Whether they were ever really worth that amount is a different story.
Myspace supplanted Friendster and in turn Facebook supplanted Myspace. To maintain relevance, Facebook made acquisitions and blatantly ripped off competitors. At the end of the day their time will come too.
