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I have never been a Facebook user so I'm mostly guessing.
But I think there was a heyday where people spent a great deal of time on there.
Now they don't. They just log on when it's needed to get ahold of someone or check a specific niche community.
Thus it's dying because the ad revenue is way down. It's in decline not because it lacks users, but because they no longer spend hours there.
I would agree with this. I recently removed Facebook all together but prior, I would only scroll my unseen and log the F out.