I would have to disagree with you there. on the contrary, social media has started its decline finally, and i found that my company became lost in the competition of "social media" trying to one up competitors or over stimulating followers.
Just one of many links available via google search to offer some number data on social media decline:
Yes all business need more than just a website, but nothing beats getting out face to face, cold calling and email soliciting. Since we've basically closed all our social media accounts and focused on "business" we couldn't be happier and more productive.