Is the boom years for Facebook, Twitter, Google over? We can only hope

[View in browser]( [Mail & Guardian]( M&G Mornings | Thu 10 Nov   On the political stage, the disruption over the past decade has been the “Arab Spring” – it has shaped our world in one way or another over the past decade. As a result of the uprisings, the right wing gained ascendancy in an old and greying Europe because of the flood of immigrants. The nationalist and historically dangerous fever that had gripped the old continent led the UK making perhaps one of its biggest gaffes in voting to get out of the common market. Six years later, it’s looking like a daft decision from the Oxford and Eton educated master class that runs British politics. These geopolitical shifts occurred against the backdrop of a global economy that has been disrupted by the rise of what US professor of marketing at New York University, Scott Galloway, calls the Four (Facebook, Google, Amazon and Apple). In a short space of time, without factories or swanky headquarters being built in every corner of the world – these companies have changed our lives.. It doesn’t matter under which rock you choose to live – they’ve either brought joy, prosperity, love connection and I guess grief or rather depression with a simple flick of a finger. Their continued rise since the 2008 global recession has come with pain in other industries, necessary in truth, as we’ve all had to reimagine how we do work – but there’s no discounting the social cost as industries cut staff in order to better compete. Labour is sadly the first cost MBA types look at. Capital and the best skills in the world have sought out exposure to Silicon Valley at the expense of everyone else. For many that seemed a forever story, but life isn’t as straightforward. This week, Facebook or rather Meta as they’d wish we call them, announced plans to slash 11,000 (11%) of its workforce, its shares have plummeted 74% since September last year. The now Elon Musk-owned Twitter also announced cuts to get it to profitability as well as a subscription element to its business. Microsoft is also slashing jobs. The tech boom, which was further accentuated by the Covid pandemic, may just be over. Will this amount to a change in fortune for my beloved and very battered fourth estate? We can only hope as it does seem the social media players in particular have hit the proverbial brick wall when it comes to attracting advertising. I imagine community building and collaboration amongst media practitioners becoming ever more critical. Ron Derby | Editor-in-Chief [@RonDerby]( [Subscribe now]( to enjoy unlimited access to The Mail & Guardian for only R99 per month.   [‘Fraudulent’ Senzo Mchunu appointment faces SIU investigation]( North West legislature concerned about ‘unpalatable favours’ done in filling a senior R1.5-million-a-year position Join thousands of South Africans who want a more just South Africa. Read past party lines, past the bluster and the distortion. Get the best reporting, analysis and commentary that is factual, balanced and fair with uninterrupted access to all Mail & Guardian content online. Plus - Preferential access to Mail & Guardian events - Get daily conversation starters straight into your inbox - An invitation to join the newsroom’s Review session on Friday mornings - Lend your expertise and experience to the stories we tell [// Read more]( Articles labelled as Premium are only available to subscribers. [CLICK HERE]( to subscribe Already a subscriber? 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