Why are users dropping off of BeReal (valued at $600M)???

Well looks like there was a massive drop in usage on this application BeReal. Let's see what we can find out on this Paris based photo sharing app. You're an old fart like me, you don't know what BeReal is, it's a photo sharing app. Every day you have 2 minutes to take a picture of yourself with both your front facing and back facing cameras. Apparently it's a way to show your life in an authentic way. This app was dubbed the anti-Instagram, basically stating that Instagram shows the nicely highlighted, curated reels of your life, while BeReal can show you the everyday you. It further played on the fact that if you wanna be an influencer, then BeReal is not the place for you, and they take a very hard no bullshit, no ads stance. Now that we got a little bit of history, what's going on with them? Well like I always do, I went to go try to see how much funding they actually raised, and what's crazy on Crunchbase, it's undisclosed. With a little more digging, it looks like in May of 2021, they raised a 1.75 million dollar round. Then due to their explosive growth, raised another 30 million dollars just 30 days after their seed round. And then fast forward to May 2022, they raised another 60 million, to actually push them to a 587 million dollar valuation. The one thing to note is that they stated that they had 20 million daily active users. What we're seeing now is that folks are over it. Some sources are coming out to say that their daily active users have dropped by 61% to under 6 million users, with that reduction in daily active users being attributed to competitors like TikTok. With the reduction of daily users, is a reduction in valuation, as their Series B valued each daily user at $100. You're probably thinking, 6 million users is still pretty good. The problem is, they have no monetization strategy today, meaning no business model. I'm totally cool with it, their brand is based on the fact that they're not like other social media platforms, but trying to add new features like a subscription model makes it a little difficult because it plays into that influencer role like other platforms. What's my real take? I don't think BeReal is going away. I actually don't care about their monetization strategy right now, as long as they can increase their daily active users, they're gonna be okay, because monetization will always come. The one thing that I'll get them is evaluation cut on their next round raise, assuming their daily active users are lower than 20 million. Now I know I'm scratching the surface, let me know what I missed. I feel like this is gonna be a 10 part series on just this app alone. All my founders out there, keep building.