I disagree here. I strongly believe there's a market for a better social media app, that messaging apps are not hitting. Why? messaging apps (chat, discord, WhatsApp, Signal) are not really social media - they're organized differently with communication at the center and content sharing on the edge (as opposed to Facebook, with content sharing at the center and communication on the edge).
That edge v. center distinction dictates the use patterns, and social media is therefore used differently than a chat app. With a chat app, the social media aspect is drowned out by the sheer volume of communication, largely text based and not media based.
But why is there a market? There is a growing movement to get away from Meta-based social media apps, because they're incredibly addictive and rob users of their attention / time. That being said, I still want to see what my friends are doing... but I'm sick of needing to choose between getting life updates from friends or having my brain back.
Build me a platform that isn't Meta-based and isn't addictive and lets me share fun things with my friends and I'll gladly pay a monthly fee for it.