Zerodha co-founder Nikhil Kamath is challenging one of the most repeated complaints in the digital world — that attention spans are shrinking. According to him, the real scarcity is something deeper and far more damaging to creators and brands alike: curiosity.
In a recent post on X (formerly Twitter), Kamath shared research by analytics firm Oddball that paints a sobering picture of what he calls a “social media recession.” The post was blunt: “We talk about scarce attention, but maybe the real scarcity is curiosity, and without it, attention is worthless. Agree?”
The Social Media Recession No One Wants to Talk About
Oddball’s data shows engagement rates across major platforms have plunged in 2024 compared to previous years. X is down by 48%, Facebook by 36%, TikTok by 34%, and Instagram by 16%.
This slump isn’t just a bad quarter — it’s a post-pandemic shift. New user sign-ups peaked in 2021 and have been sliding ever since. With fewer fresh eyes on content and existing users spending 10 minutes less per day on average, the audience pool is steadily drying up.
It’s Not Just Numbers — It’s Trust
Oddball’s report, which Kamath spotlighted, also highlights another crisis: trust. Just 11% of users say they trust social media today. A majority believe platforms are overloaded with clickbait, plagued by repetitive branded content, and increasingly shaped by AI-driven misinformation.
This erosion of trust has translated into slower ad spend growth, dropping from an annual 36% (2019–21) to just 11% (2021–24). Three out of four marketers now report lower returns on social media campaigns.
The “Enshittification” Problem
Canadian-British journalist Cory Doctorow’s term “enshittification” — describing how platforms become worse for users over time — seems to fit perfectly here. Oddball’s survey shows that 53% of users feel platforms have become less social and more transactional.
The shift is visible in user behavior: according to Instagram CEO Adam Mosseri, teens now spend more time in DMs and Stories than in their feeds, and personal sharing increasingly happens in private, not public, spaces.
The Human Cost: Creator Burnout
Behind the metrics are overworked marketers and creators. Oddball’s findings reveal that 63% feel burnt out, with 42% considering quitting altogether. The pressure to constantly produce “thumb-stopping” content in a saturated, low-engagement environment is taking its toll.
Lessons From the Past
Oddball’s analysis draws a parallel with the post-2008 slump, when ad spending on social media dropped sharply and took over four years to recover. Many brands that went silent during that time lost nearly a quarter of their value.
However, those that stayed visible — focusing on community-building over chasing clicks — emerged three times stronger.
Kamath’s Bigger Point
Kamath’s takeaway is clear: if curiosity dies, even the best content will struggle to survive. Brands and creators cannot rely on algorithms or fleeting attention alone. Instead, they need to spark genuine interest, foster trust, and offer something worth seeking out in an increasingly noisy digital landscape.
Or as his post implies, in today’s “social media recession,” attention isn’t the currency anymore — curiosity is.
In a recent post on X (formerly Twitter), Kamath shared research by analytics firm Oddball that paints a sobering picture of what he calls a “social media recession.” The post was blunt: “We talk about scarce attention, but maybe the real scarcity is curiosity, and without it, attention is worthless. Agree?”
The Social Media Recession No One Wants to Talk About
Oddball’s data shows engagement rates across major platforms have plunged in 2024 compared to previous years. X is down by 48%, Facebook by 36%, TikTok by 34%, and Instagram by 16%.
This slump isn’t just a bad quarter — it’s a post-pandemic shift. New user sign-ups peaked in 2021 and have been sliding ever since. With fewer fresh eyes on content and existing users spending 10 minutes less per day on average, the audience pool is steadily drying up.
— Nikhil Kamath (@nikhilkamathcio) August 11, 2025
It’s Not Just Numbers — It’s Trust
Oddball’s report, which Kamath spotlighted, also highlights another crisis: trust. Just 11% of users say they trust social media today. A majority believe platforms are overloaded with clickbait, plagued by repetitive branded content, and increasingly shaped by AI-driven misinformation.
This erosion of trust has translated into slower ad spend growth, dropping from an annual 36% (2019–21) to just 11% (2021–24). Three out of four marketers now report lower returns on social media campaigns.
The “Enshittification” Problem
Canadian-British journalist Cory Doctorow’s term “enshittification” — describing how platforms become worse for users over time — seems to fit perfectly here. Oddball’s survey shows that 53% of users feel platforms have become less social and more transactional.
The shift is visible in user behavior: according to Instagram CEO Adam Mosseri, teens now spend more time in DMs and Stories than in their feeds, and personal sharing increasingly happens in private, not public, spaces.
The Human Cost: Creator Burnout
Behind the metrics are overworked marketers and creators. Oddball’s findings reveal that 63% feel burnt out, with 42% considering quitting altogether. The pressure to constantly produce “thumb-stopping” content in a saturated, low-engagement environment is taking its toll.
Lessons From the Past
Oddball’s analysis draws a parallel with the post-2008 slump, when ad spending on social media dropped sharply and took over four years to recover. Many brands that went silent during that time lost nearly a quarter of their value.
However, those that stayed visible — focusing on community-building over chasing clicks — emerged three times stronger.
Kamath’s Bigger Point
Kamath’s takeaway is clear: if curiosity dies, even the best content will struggle to survive. Brands and creators cannot rely on algorithms or fleeting attention alone. Instead, they need to spark genuine interest, foster trust, and offer something worth seeking out in an increasingly noisy digital landscape.
Or as his post implies, in today’s “social media recession,” attention isn’t the currency anymore — curiosity is.
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