Facebook is currently the biggest social network in the world by a healthy margin, but how long will it hang on to that crown? Acclaimed music industry analyst and former major label consultant Bob Lefsetz is widely known for his insights in the music industry, but his opinions and analyses reach beyond music from time to time. In his latest “Lefsetz Letter,” a periodic newsletter Lefsetz has penned for more than 25 years, the analyst discusses Facebook and the tendency for young people to look elsewhere for their social networking needs.
“Oldsters are about yesterday. Youngsters are about today,” Lefsetz wrote. “Documenting your entire life history, building a timeline, a shrine to yourself, so that the people you grew up with will be impressed? That’s for baby boomers. Their children want nothing to do with it. Kids are for living, oldsters are for dying.”
Lefsetz goes on to discuss various core features of Facebook and why they’re not as attractive to younger generations as they are to older users. He also likens Facebook to other tech giants that lost their grip on their respective industries.
The issues covered might not be huge problems for Facebook right now since users in key advertising demos are generally more important than younger users, but they could be problems moving forward. When younger users commit to other platforms, they are less likely to shift to Facebook in the future.
With more than 1 billion monthly active users, the issue certainly doesn’t appear to spell imminent doom for Facebook. As investors continue to look harder at the company’s future prospects though, the fact that young users are turning away from Facebook isn’t a good sign.
