I don't understand the popularity of social media companies. It is a very crowded space and its difficult to make money. I know this from a failed startup tha

I don't understand the popularity of social media companies. It is a very crowded space and its difficult to make money. I know this from a failed startup that had an ad based revenue model. You have have tons of users and with social media that is somewhat of a catch-22. What is/was your plan to monetize your company? I don't have much advice I could offer this late in the game. My advice for others is to make a product/service and start charging from day 1. If you can get customers to give you money, then you know you have a product that people want.