> I don't see how introducing flashy short videos that produce a dopamine hit in the easily amused is going to grow Facebook
I can easily see this pivot lead to a short term growth, but I don't get why this metric is so blindly trusted, when it's clearly more complex. (If there is one thing I really appreciate about engineers, is that most of us understand trade-offs, and our null-hypothesis is that almost everything is a tradeoff. Growth is NO exception)
Concretely, Facebook sits on arguably the most valuable asset in ad-tech today: the most complete real life social graph that has ever existed. Secondary, they have been very successful with mindless doom-scrolling that drove up the value of their business like crazy.
Now, Tiktok has come along and likely by chance found an even more powerful doom-scroller, the dopamine 9000, and they've been spreading like crazy. Of course that takes away ad-views from FB. FB is in panic mode and going on a meth-like crunch to copy-paste-rebrand tiktoks engagement machine. This may seem sound, doom-scrolling makes a lot of money after all.
But here's the problem: there will be more tiktoks in the future, and the barrier of entry isn't insane anymore. Building a social graph, however, one that includes uncles and grandmas for the entire world? That's a LOT harder. If I were Facebook (and a cynical douche) I would weather out the storm, carefully learning from tiktok and others, slowly evolving the product while "respecting" (low bar) the current user base.
Now I have no doubt that FB and IG can pivot to become a worse tiktok and yet still call it a success, making engagement shoot up short term. But by doing so, they dilute their product even more. Lots of people, like me, have primarily left because of this ongoing pivot - others are less sensitive and stay, for now. But pivoting so aggressively is a very risky move. If 20% of the local pottery/yoga/parent group refuses to use fb, the next casual group will go somewhere else instead. At the end of the day, FB is making itself more and more replaceable.