Social Media: Regular people using communication tools to speak to their friends about things deeply personal to silly and serious.
The problem isn’t with social media, it’s with those who seek to make it soley a business or broadcast platform. When you first get a phone, you’ll take a call just to see it ring. In the face of a lack of other phone owners, you’ll take a call from anyone, even telemarketers. Once it’s part of your everyday life, you just want to speak to those you care about.
Social media isn’t a waste of time, but at the other extreme it can’t be the sole platform for a new business model. Monetizing human interaction is difficult. You either have to provide the infrastructure or be really really good at talking to lots and lots of people on a very personal level. You can dominate a space early on, but once the ‘normal’ people arrive, you’re back to pitching the niche.
Those who now awake from a Kool-Aid binge to find they’re just another voice echoing in the hall bet the farm on a weak hand in a game they poorly understood.