Some of the initial predictions were indeed way exaggerated. But a fact is that their ad revenue has dropped a lot and they are trying very hard to get customers. I hear that a lot of ads come from obscure brands rather the big companies you see every day (I don't use it so I can't verify that first hand). Yes it is still running to this day, which is different from many people's expectations, but it is definitely not the company or the platform it was a few years ago, and it is unclear how long this could go.