Facebook is for boomers, Twitter keeps breaking and YouTube revenues are falling. National security concerns mean TikTok is threatened with a US ban. That leaves the field open for new entrants. Yet social media start-ups are failing to supplant incumbents.
Venture-capital backed social networks are losing traction at record speed. French app BeReal, which asks users to send a selfie to their contacts every day, reached the top of Apple’s App Store in July. Since then, active user numbers have dropped nearly 50 per cent in the space of four months, according to data from Business of Apps.
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