The Future of Social Media and the Dual Career Path for Product Managers

The Future of Social Media and the Dual Career Path for Product Managers

In recent years, we have witnessed a shift in the business models of social media companies. While the previous generation relied heavily on advertising, startups today are exploring alternative revenue streams such as subscriptions, in-app payments, and e-commerce. This change is driven by the recognition that time is our most valuable resource, and these companies aim to provide a better use of that resource.

Companies like BeReal, Poparazzi, Mastodon, and Post News are shifting towards a more media-focused approach rather than purely social. They aim to create functional, multifaceted economies within their platforms, taking inspiration from immersive games like Roblox. By monetizing through avatar accessories, game upgrades, and other special experiences, they are replacing traditional advertising with more sustainable and lucrative models.

The rise of synthetic kinship is another trend we can expect to see in the future of social media. As AI technology advances, it is not far-fetched to imagine a world where humans have synthetic friends and loved ones. These creations would interact with us just like human beings, blurring the lines between reality and artificial intelligence. This concept may seem dystopian, but it presents an opportunity for social media platforms to leverage AI to create new social experiences and overcome the cold start problem.

While the future of social media is evolving, the career path for product managers is also experiencing a necessary transformation. The traditional assumption is that product managers should constantly climb the ladder of management and leadership. However, not everyone wants or needs to follow this path. It is essential to create a dual career path for product managers that allows them to excel as individual contributors without the pressure to become managers.

Tech companies have partially implemented this dual career ladder with roles like principal software engineer and principal designer. However, there is a lack of a principal product manager role. The argument against granting product managers the opportunity to be individual contributors is that senior-level product management often requires managing a team. However, this overlooks the fact that many product managers prefer the product-focused aspects of their job rather than the management responsibilities.

To establish a dual product management career path, some core principles need to be established. Product management should be recognized as a career in itself, not just a stepping stone to management. Individuals should be encouraged to design their careers based on their values and personal fulfillment. The split between product leadership and people management should be clear, and various levels and titles should reflect this division.

Additionally, lateral movement within the career path should be allowed. Someone can spend time as a director and then decide to switch to the other ladder, becoming a principal. This flexibility ensures that individuals can find fulfillment in their careers without feeling the need to sacrifice what they love to advance professionally.

In conclusion, the future of social media lies in innovative business models that prioritize time, functionality, and immersive experiences. As AI technology advances, we may see a shift towards synthetic kinship, where humans interact with AI creations as if they were real. Simultaneously, the career path for product managers should evolve to include a dual track that allows individuals to excel as individual contributors without the pressure to become managers. By embracing these changes, we can create a more sustainable and fulfilling future for both social media and product management.

Actionable Advice:

1. Embrace alternative revenue streams: If you are a social media startup, consider exploring subscription models, in-app payments, or e-commerce to diversify your revenue streams and reduce reliance on advertising.
2. Prioritize functionality and immersive experiences: Instead of solely focusing on capturing attention, invest in creating functional, multifaceted economies within your social media platform. Take inspiration from immersive games to provide unique experiences for your users.
3. Establish a dual product management career path: As a product manager, don't feel pressured to follow the traditional path of climbing the ladder of management. Advocate for a dual career path that allows you to excel as an individual contributor and find fulfillment in your work without sacrificing what you love.

By implementing these actionable advice, social media companies can adapt to the changing landscape and product managers can find fulfillment and success in their careers.