Published On: Sat, Apr 14th, 2018

Facebook’s Slipping Grip on the Social Media Market?

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Social media platforms like Youtube and Facebook have come under fire due to a variety of problems. However, traditional consumers have found it hard to move to new platforms due to the lack of variety and healthy competition in the industry.
Over the past week, Facebook has begun losing some of its death grip over the social media industry. The Cambridge Analytica data scandal affected over 50 million Facebook users from all across the world and caused the Facebook stock price to drop by over 10%, resulting in an almost $50 Billion drop in market valuation. 
Rightfully, many Facebook users announced their distaste for Facebook’s release of consumer data. Some users even pledged to delete their Facebook accounts in an attempt to get revenge on the company that released their data in such an unprofessional manner.  Although it is currently unclear what effect the data scandal had on the Facebook user base, it would be safe to say that consumer trust in Facebook has hit all-time lows. 

Additionally, with recent scandals involving Youtubers and advertisers alike, many creators on the Youtube platform have found it hard to maintain a stable living income while working on the platform.
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