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IMO, for whatever that might be worth, the ruthless monetization of social media platforms is what kneecapped them. When organic reach was replaced by paying for exposure (he said with full awareness of that particular irony for working artists), that was the beginning of the end.
Hey, so. I understand that this is anecdotal and not research, but. It is WILD how useless social media has become for promo. It's a fucking disgrace, really.