The Next Wave of Social Media: Shifting Business Models and the Power of Saying No

The Next Wave of Social Media: Shifting Business Models and the Power of Saying No

Introduction:

In the ever-evolving landscape of social media, new business models are gaining traction, challenging the traditional reliance on advertising. Startups are exploring alternatives such as subscriptions, in-app payments, and e-commerce to monetize their platforms. This shift reflects a broader trend towards valuing our most precious resource: time. As philosopher Henry David Thoreau stated, "The price of anything is the amount of life you exchange for it." This article explores the emergence of a new wave in social media, where companies like BeReal, Poparazzi, Mastodon, and Post News promise a better utilization of our time.

The Shifting Landscape:

Traditional media in the U.S. has increasingly polarized, catering to specific political affiliations. This has led social media companies to move towards the "media" end of the social media spectrum. A Pew Research study from 2019 revealed the extreme partisan nature of American news consumption, with individuals aligning their choices based on political affiliations. Subscriptions and in-app payments align better with the hit-driven nature of social media, allowing for downside protection and potential revenue generation even if an app's popularity is short-lived. TikTok has already demonstrated the potential for social networks to act as gateways to e-commerce, opening up new avenues for monetization.

The Rise of Functional Economies:

Drawing inspiration from immersive games like Roblox, the next generation of social media giants may prioritize creating functional, multifaceted economies rather than solely focusing on capturing attention. Roblox's success in monetizing via avatar accessories, game upgrades, and special experiences highlights the power of in-world economies. By shifting the focus to functional economies, social media platforms can provide users with a more engaging and interactive experience, potentially leading to healthier engagement patterns.

The Synthetic Kinship:

Humans have an inherent desire for kinship and a sense of belonging within a larger group. Currently, this can only be fulfilled through interactions with other humans. However, it is plausible that in the future, humans may have synthetic friends and loved ones created by AI. Dystopian as it may seem, the lines between human and artificial beings will become increasingly blurry. The founders of future social media platforms might solve the cold start problem by generating synthetic personalities to interact with human participants, creating a sense of activity and connection.

The Ultimate Productivity Hack: Saying No:

In a world where time is our most valuable resource, learning to say no becomes a crucial skill. Economist Tim Harford aptly stated, "Every time we say yes to a request, we are also saying no to anything else we might accomplish with the time." Saying no is a decision, whereas saying yes carries the responsibility of taking on additional tasks and commitments. Steve Jobs emphasized the importance of focus and saying no to the multitude of good ideas that come our way. Guarding our time and selectively saying yes ensures that we retain control over our most important asset.

Actionable Advice:

• 1. Embrace alternative business models: Consider exploring subscriptions, in-app payments, or e-commerce as revenue streams for your social media platform. This can provide downside protection and open doors to new opportunities.

• 2. Foster functional economies: Look beyond capturing attention and focus on creating engaging and interactive social media experiences. Learn from successful immersive games like Roblox and leverage in-world economies to drive user engagement.

• 3. Master the art of saying no: Understand that saying no is not a rejection but a prioritization of your time and resources. Develop the skill of evaluating opportunities and only saying yes when it truly aligns with your goals and values.

Conclusion:

The future of social media lies in adapting to new business models, fostering functional economies, and understanding the power of saying no. By embracing these strategies, social media platforms can evolve to meet the changing needs and desires of users, ultimately creating a more fulfilling and purposeful online experience. As we navigate this ever-changing landscape, it is essential to remain mindful of the value of our time and the choices we make in how we engage with social media.