Social Media Revolution

Found this video last night. What a great showcase of the effects of social media on our culture. Social media is going to continue to mold our society as more and more networks begin to arise. I'm eager to see where social media takes us.

But one question stands that a professor posed to me in undergrad. Is traditional communication going to outlast with the rise in social media? More and more people are shortening their communication, is it taking away from the significance of traditional communication?

Keep in mind - I love social media, but I'm curious to see how people will use it in the future.