Hollywood knows how this works, and they do not incorporate or IPO each individual TV show: instead they incorporate studios, that produce many different shows. Facebook is forced into this model too by reality, thus they bought Instagram, and tried to buy Snapchat. Those shows will also have a limited lifetime. Facebook will fail, because they do not recognize that they are in the entertainment business and they will cling to their one single show.
Someone needs to create a non-gaming software studio, that is tooled to make or to buy Instagrams for less than $1bn, knowing that they constantly need to retire the old shows and come up with the new ones.
The fact that one effect of social networks is to entertain people, and the fact that TV shows also have the effect of entertaining people, does not imply social networks are therefore bound to the rules/generalizations of TV shows.
Please retort, provide counter-arguments or share your point.
You are arguing over the logic of an analogy, but what about sharing your point of view?
No, but he made an argument. You have to judge it. Not everything in life is settled with "evidence".
I think that it would be more correct to say the social networks that have failed have not had the kind of classical design that could make them long-term parts of society, unlike, say, Shakespeare. But then, that is a fairly trivial observation too. Of course social networks that have failed have lacked the qualities that could make them not fail.
Facebook needs to do the same if they want to survive. They need to stop being a social networking site, and be a social networking platform, that others build from. Facebook the site, should be one site of many using that platform. I should be able to develop a social networking site built from the Facebook platform, to compete with the Facebook site. Then when my site gets old, or the Facebook site gets old, new sites emerge, and build off the data from the existing platform. This way, it lives on. However, this will never happen, and Facebook will die.
You can just about list on one hand every decade, the number of shows that last more than five years and bring in big ratings (audience / users). Shows like Friends, Seinfeld, The Simpsons, Roseanne, Mash, etc.
Hit TV shows are extraordinarily difficult to 'manufacture.' Out of thousands proposed and scripted by writers, one or two per year are hits if you're lucky. Out of those, a few survive five or seven years.
And that's all true even with the huge built-in audiences that companies such as NBC, ABC, CBS have that show up every night waiting to watch content. There aren't 100,000 other apps to compete with, just a few major deliverers of TV shows / networks; and the failure rate is still that high.
Reddit revolves around people finding interesting content and providing it to others to be consumed with some commentary on the side.
I'm not sure how they're comparable. Sure, reddit has a community aspect, but it's really just a side dish compared to the content (links).
Many of the subreddits (e.g. the ones dedicated to cities or schools) are far more about the community than the content.
Maybe if you stick to the default subreddits that are composed entirely of memes.
The main reason that I use Reddit is for the discussion; I highly, highly doubt that you're going to find /r/askscience-calibre conversations on Facebook.
My experience is unfortunately anecdotal, but I'd say the energy you have in an early stage startup that is focused on building a good product is difficult to replicate, and without this, I believe competing against the Instagrams and the Facebooks is no easy task.
The challenge is to get the right features sho that the users provide the content that keeps their friends and connections coming back.
Those with the broadest appeal last longer, some never get off the ground, others shine brightly and then fade.
This is the idea behind 'Indie Web'  and even though it is harder at first it is the simplest long-term solution. Domain names are cheap, hosting is cheap, and publishing isn't very difficult.