I think social media is going to be in freefall for the next year or two until a new platform rises above the rest, and I don't think it will be any of the current ones.
Lemmy, kbin, and mastodon are kinda crap and basically help up on a ideal that will equally hold them back. None of us want to be here, we just don't want to be THERE either. The fediverse might take off, but these iterations are just a stopgap between more user friendly and successful platforms.
Tildes is a little light on content and somewhat elitist, it's the most reddit-like platform but it's also a walled garden and doesn't want to be anything else.
Twitter is a dumpster fire but everyone is too entrenched to leave it, Threads is shackled to Insta and Facebook so most people don't want to commit to that ecosystem and give Zuck more of their privacy than they already might have.
Reddit lost its soul, I think everyone is more wary of it now and just expect it to continue to get worse and farther from what we all used to enjoy it for.
I think the majority of people who spend a considerable amount of time online are going to bounce around between all platforms instead of primarily using one until a new Core platform pops up to fill the void.
It's probably healthy for us to be fragmented for a while though.
Lemmy hasn't gone a day without talking about reddit for a month and a half.