Have you noticed you don’t get as many likes on your news feeds when you post something? It has a very tangible reason:
“That’s the thing about Stories, though: while more people may use Instagram because of Stories, some significant number of people view Stories instead of the Instagram News Feed, or both in place of the Facebook News Feed. In the long run that is fine by Facebook — better to have users on your properties than not — but the very same user not viewing the News Feed, particularly the Facebook News Feed, may simply not be as valuable, at least for now.”
stratechery.com/2018/facebooks-s
Facebook’s Story Problem — and Opportunity
Snapchat is losing users, and it seems clear the biggest reason is Instagram Stories: that is a win for Facebook, but the pain in advertising may be substantial.