Public networks are dead. We did it for two decades and now people need to go back to something more real and private. Social networks in the current form are just attention seeking. We've been trained to say things that will garner likes and retweets. I welcome text and chat, maybe even voice to text but not in the public form. Closed networks only now.
Facebook has such a network: WhatsApp. In the US apparently not that omnipresent, but it's everywhere in many countries. Facebook has the data, and knows exactly how such closed-networks are in demand, can (not) be monetized and what features are needed to make them grow. In e.g. The Netherlands anything from your neighborhood-watch to parents-info, or anything related to school, via business-groups, your bachelors p…
People hate it with a passion, but its core model has always been having real friends on there. Followers etc. are just an add-on.