VICE: Facebook’s Monopoly Is Imploding Before Our Eyes
Competition, miscalculations, and regulatory scrutiny have all but killed the advertising giant's dreams of diversifying its business and rolling up the digital world into its platform.
For years, the definition of success for many tech employees has been getting a job at a FAANG company (Facebook, Amazon, Apple, Netflix, Google).
Amazon, Apple, Microsoft, Facebook, and Google, meanwhile, are often the five major companies people think of when they think of "big tech."
But there is evidence that Facebook—once a dominant monopoly rightly blamed for all sorts of societal ills—is on the precipice of dropping out of this group through years of sheer mismanagement, a failure to innovate, setting money on fire in pursuit of a metaverse that seemingly no one wants, a vulnerable business model that Apple is squarely taking aim at, and upstart competitors like TikTok that the company seemingly has no answer for. What seemed impossible just a year or two ago—that Facebook will become just another tech company, more or less—now seems like a very real possibility.
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WNU Editor: It has been quite a sight to see how quickly this social media platform has lost its influence and reach in the past year. And much of what has happened has been self-inflicted.
And while I do believe Facebook will be with us for the foreseeable future. Alternative media platforms are now online, and they are providing an environment that does not have the censorship and privacy issues that Facebook has.