Do you mind elaborating on why do you think social media was a bubble?
When I registered with social networks at the beginning of the Web 2.0 hype, it was all exciting and new. There were many offers and most companies (MySpace and Co had no idea how much potential was available for advertising and marketing). After that came Facebook, Twitter, LinkedIn etc. That's when it all got more professional. You went from a user to a customer, from a customer to a record with which you could earn money. It's getting around and everybody's jumping on the $$$-train. Youtube is like a TV channel, only that runs more advertising there and Instagram can also be seen as a advertising portal. Facebook dug its own grave because it became too greedy. Since only old people hang out on Snapchat, nobody wants to go there anymore. Not even my little nephew wants to join a social network and that's the point where I see it as a bubble that burst.
Social networks are like alpha versions of open World Crafting Games on Steam. there are hundreds of offers, but nobody wants them anymore.