they will acquire, or deploy capital to make a better clone.
example a: instagram stories after snapchat declined an offer.
the only competition its had in the last 10 years is chinese state funded tik tok
Most companies die or significantly evolve over the long term, even the ones that were monopolies. Would you rather own Blockbuster Video store/chain in the year 2000 or 2020? Same with retail music stores that sell CDs. Social media moves at 10x that speed, 100x the speed for those young kids who aren't afraid/wary to install new apps.