This is an excellent description of the trajectory of Digg, the first platform I witnessed going through this lifecycle. In this case, the competitor that drained users from Digg was Reddit.
Another feature of Digg’s decline was a disastrous redesign that, overnight, soured most of the users on the site. It was basically a speed run of step 5 here.
Another feature of Digg’s decline was a disastrous redesign that, overnight, soured most of the users on the site. It was basically a speed run of step 5 here.