Is Social Media "A Great Wasteland"?

Is social media "a great wasteland" of the modern media age? And...why is MSNBC launching daily Facebook videos that have nothing to do with the MSNBC brand? Also - rants and raves on platforms mistaken for brands, the importance of Hollywood actors' Twitter followings, how often you should (or shouldn't) post to social media, and one new podcast that wants you to review it WITHOUT listening to it.