Is it possible to compete with Facebook with a new social network?

Facebook seems to have become too commercialized for their own good. I would love to build a new social network that gets back to the basics, but not sure if it will be worth it.

Considering how much marketshare Facebook has, they're pretty much have a monopoly on social networks. Is it worth building another social network that tries to replicate the earlier Facebook versions (which weren't so commercialized and distracting)?

I agree that theoretically it is possible, however highly unlikely.

There are new social networks all the time - Instagram, Snapchat, WhatsApp, Pinterest are a few examples - so we shouldn't rule out the possibility that one of them might eclipse Facebook in one way or another.

To build a successful social network, you must harness very powerful network efforts in order to increase your networks value. Simply put, network effects means that the more users your network has, the more value each other user can get out of the network. Kind of like telephones - no point having a phone if no one else has one.

Facebook has approximately 1.5 billion(!) users. It means that you can practically interact and engage with individuals, organizations, and brands from all over the world. In order to become the new Facebook, you will have to provide such an immense value to your users so people would choose your new network over Facebook. Some say that Google tried that with Google+ (others said it wasn't a social network, but a social search tool. Doesn't really matter for this discussion). Some networks already beat Facebook in their own fronts - Instagram provides superior value than that Facebook offers in photos sharing. WhatsApp & Snapchat did that with IM.

If you can come up with a way to provide immense value in a field \ niche where your network is superior than that of Facebook's, and crack the challenge of attracting users, AND figure out how to use network effects in your favor, then you may have a chance.

In theory yes, but it's probably not the most original business idea.

Lately Ello almost had succes with doing just that, but they never really lived up to the hype (for a number of factors like not opening up for users soon enough, taking funding while stating being non-commercial etc).

Could it work? Yes. Is it likely? No.

Facebook was the new MySpace, which was the new Friendster. So, yes.