You're correct.

Social Media is the perfect example of this. Everytime a new social media network arrives, they always boast about being able to do things you could already have done with the other 9 social media networks. Sharing pictures and video, chatting .etc. They're all things we could've already have done far way back in the days of messaging software like AIM. It's nothing new, it's just recycled ideas being treated as new.

The only things that have ever improved were the amount of size of videos and pictures we can share and the speed in which we're able to do it with. That's it.

The well of finding new ideas has ran dry, because they've all been tried and done before many times. New name, same old shit.