Is Facebook Waning? Is Social Losing its Luster?

In November I blogged that Facebook has experienced a 22% drop in time spent per active user per day on the network since April 2010 from 55mins to 43mins. Of course Facebook to hide this fact switched from stating 55mins on their Stats Page to 700Billion minutes per month hoping no one would do the math and all of us would just say OOOH....AHHHHH!

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Now comes this totally unrelated article from CNet in my email that further backs this theory of less network usage. I am not sure the reason, whether it's privacy, fatigue, people aren't as enamored with sharing as they had been?

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In April 2010 Facebook claimed 3bil photos uploaded each month. Now per this article to sound better, they use the 100mil photos per day! At the time they claimed 400mil active monthly users. Now they claim 540mil. See where I am heading?  

Per user number of photos uploaded to Facebook has dropped 26% since April 2010! Now it's down from a whopping 7.5 to only 5.5 Photos Per Month Per Active User. Yawn!

Why is this? Is this the beginning of a slide? A fall? Is Social Media losing it's luster and hype? Twitter has had an explosion in accounts but not users per month which has been flat for the last year at around 25mil in the US. Where are the people migrating to online or offline? This is important to find out for Investors, for Marketers, for Brands, for VC's, and for anyone looking to start a business in the Social Media Technology space. 

Social is a HUGE space. Are we re-fragmenting moving to other Social Networks and Technologies? Or moving more of our time to non-Social Media?

What are your thoughts?