The Future of Social Media: Shifting Towards Functional Economies and Synthetic Kinship

The Future of Social Media: Shifting Towards Functional Economies and Synthetic Kinship

One afternoon, while browsing through a friend's bookshelf, I had a realization - when it comes to choosing which books to read, I would rather trust the recommendations of a friend rather than relying on bestseller lists or random strangers. This got me thinking about the power of shared knowledge among readers. Knowledge is power, and sharing that power with fellow readers can enhance our reading experiences.

This concept of shared knowledge and power extends beyond books and into the realm of social media. The last generation of companies heavily relied on advertising as their primary source of revenue. However, startups today are exploring new business models such as subscriptions, in-app payments, and e-commerce. These experiments are showing promise on a smaller scale, and it's possible that in the next ten years, we may find ourselves turning to AI friends as frequently as we do to human ones. This shift could potentially reduce our reliance on social networks for finding online connections.

Henry David Thoreau once said, "The price of anything is the amount of life you exchange for it." With this in mind, a new wave of social media platforms is emerging, aiming to provide a better use of our most valuable resource - time. Companies like BeReal, Poparazzi, Mastodon, and Post News are shifting towards the media end of the social media spectrum. They prioritize quality content and user experience over mindless scrolling and endless advertisements.

Traditionally, social media companies have prioritized growth over early monetization. However, there is value in offering paid products or services to provide some degree of downside protection. Even if an app becomes a passing trend, it can still generate substantial revenue. TikTok has already demonstrated the potential for social networks to serve as gateways to e-commerce. By incorporating in-app purchases and subscriptions, social media platforms can align their revenue streams with the hit-driven nature of their content.

In addition to exploring new business models, social media may also take inspiration from immersive gaming platforms. Games like Roblox have successfully created in-world economies by monetizing avatar accessories, game upgrades, and special experiences. The next generation of social media giants may shift their focus from capturing attention to creating functional and multifaceted economies. This shift could lead to healthier online experiences and more sustainable revenue models.

Fundamentally, humans seek connection and a sense of belonging with a larger group. This is why we turn to social media platforms in the first place. However, in the near future, it might no longer be necessary to interact solely with other humans to fulfill this need. It is plausible that we may have synthetic friends and loved ones in the coming decades. While this may seem dystopian, the lines between human and artificial intelligence will become increasingly blurred. AI could be used to create billions of synthetic personalities, allowing even a network with a few hundred real users to feel active and engaging.

So, what does this mean for the future of social media? Here are three actionable pieces of advice to consider:

1. Prioritize quality over quantity: As a user, seek out social media platforms that prioritize quality content and user experience. Engage with platforms that respect your time and provide value beyond mindless scrolling.

2. Embrace alternative business models: Keep an eye out for social media platforms that experiment with new revenue models such as subscriptions, in-app payments, and e-commerce. These models can lead to more sustainable platforms and a better user experience.

3. Stay open to the possibilities of synthetic kinship: While the idea of synthetic friends may seem strange, be open to the potential benefits they can offer. It's important to approach these advancements with caution and ethical considerations, but they may provide new avenues for connection and belonging.

In conclusion, the future of social media is evolving towards functional economies and synthetic kinship. As users, we have the power to shape this future by supporting platforms that prioritize quality, embracing alternative business models, and remaining open to the possibilities of synthetic connections. By doing so, we can create a social media landscape that truly enhances our lives and fosters meaningful connections.