I would actually argue that all the air has been sucked out of that market. There won't be a "next Facebook" -- Facebook has enough influence these days to kill

I would actually argue that all the air has been sucked out of that market. There won't be a "next Facebook" -- Facebook has enough influence these days to kill companies without buying them. There might be a "next Instagram", but it won't go through the traditional VC process (see also TikTok, which has a blank check because it is a useful intelligence gathering tool). A big factor here is that "going viral" is no longer a thing that happens organically. Anything that "goes viral" today simply had a good social / native marketing campaign. There is a lot less risk involved in the business model because the network effects have largely settled -- which means there is less upside for new businesses. The "hockey stick" effect doesn't really happen anymore. There is plenty of room out there for $0.5-2B companies in the B2B space though. That's mostly where VC is focusing because those businesses leverage the business contacts of the VCs, so it works well with their "cash + connections" model.