I respectfully disagree.
I think what’s dying is not social media, but the spike of initial “launch.” Most things are over-used when they are new. In time, they are normalized. This normalization, if visually constructed, can be a declining line/curve or in form of a wave.
Facebook did lose a lot of blood, but it is still a great tool for communication in many forms. Of course, they need to adapt and if they fail, they may lose more presence. If they somehow fail *really* hard, they can play in the desolate, forgotten corner where Google+ creeps around.
But that will be a brand losing its place. The people’s need for connection, expression, sharing and communication; in combination with true globalization (Picture how closer we are compared to a mere hundred years ago,) is a Pandora’s box that’s already opened: You can’t close it back.
Brands may die, the business models may change; but social media is unlikely to go away.
Of course, if “social media as we know it” means “social media’s snapshot today”; sure, that’s gonna change. But that’s gonna happen regardless: Even through Facebook’s growth, a lot of things about it changed and different platforms have appeared and changed the scene constantly anyway.
Don’t get me wrong, you make a lot of good points and talk about somethings that happened and some that *will* happen, it’s just that I disagree with the ultimate assertion.