Not a great example: Snapchat made it through the slump, successfully captured the next generation of teenagers, and now has around 500M DAUs.

You might not remember, but Snapchat was once supposed to take on Facebook. The founder was so cocky that they declined being bought by Facebook because they thought they could be bigger.

I never said Snapchat is dead. It still lives on, but it is a shell of the past. They had no moat, and the competitors caught up (Instagram, Whatsapp and even LinkedIn copied Snapchat with stories .. and rest is history)