Hey, good morning, good afternoon to everyone. Welcome to another Tech Tech Plus live stream.

We're also joined by Ryan Broderick. Hello, author of the Garbage Newsletter.

Hi, thanks for having me.

Let's jump into this. I mean, you have written, you did not hold back at all in your recent letters regarding Facebook.

That is what we are here to talk about now meta. And I like sort of how you opened it a few days ago. You letters regarding Facebook. That is what we are here to talk about now, meta.

And I like sort of how you opened it a few days ago.

You talked about Facebook losing its cool factor, which J.T., Justin Timberlake, told us this 12 years ago.

Why didn't we listen to him?

That's right.

I mean, if you really think about it, like there aren't a lot of young people still on Facebook or on TikTok. Some of them are on Instagram, but even that's losing its share of cool young people. And it doesn't really seem to get a clear way for Facebook to get those young people back on the site. Yeah. So a lot of this, though, has to do with advertising. That's what Justin Timberlake said in the social network. He says, no. What the Facebook has going for it is that it's cool. You mess it up with advertising. And this sort of, of course, we've seen it messed up hugely by Apple's new privacy changes. But really it goes back to the business model that Facebook was built on, this idea of tracking and targeting that, you know, people didn't really know a lot about more than a decade ago, but has turned into this thing where so many

people, given the choice, have opted out. And that's really hurt Facebook's poor business.

Yeah, there's this old saying that, you know, if the service is free, you're the

product, right? And with Facebook, that couldn't be more true. Facebook makes its money by dominating

the advertising industry and the way they dominate the advertising industry is that they know

everything about you and are happy to give that information to advertising. The minute Apple introduced

a way for us to put some friction

between those two processes, it turns out that a lot of people decided they didn't want to be

surveilled by Mark Zuckerberg anymore. And that has obviously caused a massive ripple effect.

And I think that's also why Facebook is acting so desperate right now. They're talking about

pivoting back to video or the

metaverse or any of these kind of hairbrained ideas, I think, are what you're watching a company

become MySpace in front of us. And it's a really interesting thing to watch in 2020.

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