Facebook was almost dead before they brought short videos into their platform in the last few years.
I don't know about people around you, but people around me are lost for hours watching random videos on facebook.
I remember a few times I was getting bored, waiting and sitting somewhere, and a friend or cousin showed me videos on facebook, and you can literally spend hours watching it. There is so much random content there.
Zuckerberg and team work pretty well on algorithms. Sharing revenue through ads on videos motivates a small percentage of people to put out more and more content that bigger percentage could consume.
Maybe, in the next 5 years, people will understand that watching random videos for hours is no good. It's better to consume limited useful content, or create something online.
But till then, I see facebook surviving. At least for the next 5-8 years. Don't know after that.
I am sure, something like hive will win in the long term.