One of the key elements behind social media platform’s ability to succeed is maintaining relevance. The equation’s pretty simple—keep providing the tools and functionality that people want, and they’ll stick around.
The risk however, is if you stop innovating, another platform has the ability to come in and steal your audience’s attention. This is what happened to MySpace—Facebook provided similar functionality, but with more tools and features better aligned with what people wanted to do with their social networks. This is also why Facebook wanted to buy Snapchat in the app’s early days.
The takeaway? Platforms need to innovate, move with the trends and keep up with user expectations. This has been one of the major challenges for Twitter in growing its user-base, and why we’re seeing so many new tools and functions being added.