The saying goes if you’re not the customer, you’re the product. Now, you’re both. Every big social media app is testing subscriptions. It's a business model that comes with a perverse incentive. Just like airlines, if you make life worse, more people will pay.
See, to me, all of those people are willing to trade their privacy for convenience. And the fact that others are getting rich off of sifting through and collecting all of this data also is wrong in my opinion. To each his/her/their own, but I still think it's sad how dependent people have become on social media.
They are, in exchange for a free service.
So how should social media companies make money?
Social media is an undisputed upgrade over what came before. Back in the day if you wanted to stay in contact with someone, the only methods of doing so opened floodgates for abusive pricks to make your life a living hell. If you wanted to have group discussions about a certain topic, your only real option was in person.
I guess my real problem with this is how underhanded they seem to be with the information they collect. I know they need to pay the bills, but they could definitely be more upfront and open about what they gather on people.