Is Facebook Dying?
By Joseph Gaccione
Like…Share…Like…Share…For a lot of people, this makes up a big part of their day.
Social media is here to stay. There’s no denying its impact around the world. More than 3 billion people are using social media to stay connected with everything happening around them. It’s so ingrained in our culture, it’s hard to imagine a world without it, and with our devices, we’re never truly disconnected.
Facebook played a vital role in broadening the prevalence of profiles, posts, instant messaging, sharing photos, etc., and its impact in society is cemented. But Facebook has seen better days.
What is going on with Facebook, and is it in serious trouble? Let’s try and figure it out.
Facebook was once the biggest social media platform in the solar system. Now, it’s struggling. Maybe not like “MySpace struggling,” but it’s having a hard time finding friends as it did a few years ago. Even with attempts to improve safety and privacy in addition to its acquisition of Instagram.
Here are some of the numbers:
New data released this year found that approximately 15 million fewer people were using Facebook than they did in 2017. Even more alarming for the company is the most significant drop came from teenage users and millennials (although the study does not specify why these people left Facebook).
The Financial Brand adds teens between the ages of 13 and 17 who used Facebook a lot less in 3 years, going from 71% to 51%.
Another study tracked how much daily time spent on Facebook is on the downswing. The report says regular time on Facebook dropped by 3 minutes among U.S. users in 2018 and predicted that number to keep declining.
Why are people leaving the land of Zuckerberg? Here are some possible reasons why.
DISTRUST/BAD PRESS
These two issues go hand in hand. Why should people use your website if they don’t trust it? That’s the question posed to Facebook, which has been rocked by privacy scandals over the last few years (and it doesn’t seem to be stopping, either). The social media giant has been trying to repair its image after revelations user data was being shared without them knowing, most notably in the Cambridge Analytica controversy (political consulting firm mishandled information from at least 50 million FB users). In the wake of questions over online safety, Facebook has made it a point to correct potential problems, like shutting down fake pages and banning misinformation to following a strict set of new guidelines to maintain transparency while under fiercer political scrutiny.
It’s not just the scandals giving Facebook negative publicity. Reports about the workplace environment at the social media site are getting more attention. Just recently, Facebook was bounced from Glassdoor’s Top 10 Best Places to Work, with critics pointing out long working hours, slow decision making and politically motivated projects.
But to play devil's advocate, a new financial article explains why the lousy press isn't as damaging for Facebook as we might think. “The Street” claims FB's stock is up, and it's still a good investment, saying the company is weathering the negative news like a bad storm.
INSTA-TROUBLE?
Facebook purchased Instagram back in 2012 to help boost its mobile presence, and the social media app continues to grow in popularity for personal and professional use. Some of the statistics are staggering, per “Social Media Today”:
95 million posts shared each day
500 million people use Instagram Stories daily
63 percent of people log in at least once a day
But some other numbers spell trouble for Facebook:
23 percent less engagement with the same photos on Facebook
Ten times lower engagement-rates for brands on Facebook
So even though Facebook bought Instagram, more users could be flocking to IG instead of sticking around on Facebook. “Convince and Convert” analyzes why Instagram could seize Facebook in 2020 due to its more mobile-friendly interface, more commerce-friendly, and easier access to content you like.
CONCLUSION
There's no denying Facebook is still popular, and the social media platform is trying to reinvent itself, not only with more robust online safety protocols. For instance, Facebook is reportedly working on new technology, as its operating system, and augmented reality glasses. FB is also developing its own digital currency program, Libra (although early reviews have not been kind). So, it's evident that Facebook is trying to keep innovating to attract more users. But 2020 will be a significant test for Zuckerberg and Co., especially with the presidential election looming, election security threats, and foreign influence ever-present are all of concern. Facebook, like other major tech companies, will be under a more watchful eye from lawmakers. It may come down to how much Facebook can offer users that they can’t get anywhere else while regaining people’s trust; it’s just not clear how long that could take.