Last week, when Facebook, Twitter, and Snapchat reported their latest quarterly earnings, all three social platforms noted a slowdown or drop in users. Facebook’s user numbers remained flat in North America and fell in Europe on a quarter-over-quarter basis, Twitter reported a slight downturn in monthly users, and Snap posted a decline in daily active users for the second quarter. CNBC floated the possibility that social-media growth has peaked, with no room to add significant numbers of new users—at least in the West. Facebook still hopes to use “lite” versions of its apps to secure gains in huge, virtually untapped markets such as India and Indonesia. And, of course, China, with its billions of potential users, remains closed for now to Facebook and other popular platforms. Facebook and Twitter both blamed the European Union’s new data privacy law, the General Data Protection Regulation, as a factor in their declines. However, Facebook’s monthly page visits have been falling sharply...
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