All social media is terrible, and all of it is impossible to profit from, and I bet all of it will eventually fail. Facebook doesn't make any money from social media, they make money from side businesses that are tacked onto their social media platform.
Anyone who is interested in social blogging should have their own website (wordpress.com is free) with RSS support so people who like what you write can follow your posts. RSS is not controlled by any corporation. That is the internet way of doing social media.
this is slightly off-topic but I read Zuckerberg's accounts got hacked because he used 'dadada' as a password on multiple services. People have called him a genius, he does not appear to be that exactly.