This isn't about which you prefer, or why you hate Facebook, or what-have-you. I'd like to try to keep it free of personal opinion and anecdotal stuff, and actually look at the strengths and weaknesses of each. So lets avoid the "Social media sux!" and "Forums are dead!" part of the conversation. 
So, it's certainly true that social media is impacting forums. It's also true that social media can't directly replace forums - it actually has a slightly different function, although it overlaps.
Social Media is:
Forums are:
That's just a few things. What other strengths and weaknesses do each have? One thing I think is interesting is that social media is designed to link to content, whereas forums are designed to hold content.

So, it's certainly true that social media is impacting forums. It's also true that social media can't directly replace forums - it actually has a slightly different function, although it overlaps.
Social Media is:
- quicker and easier to access
- more people already have access and can join your group/page/community with a single click
- more suited to linking, sharing and virality, but not to storing content
- suited to very quick posts/images which can very quickly generate a long discussion
- quicker at getting responses
- baked into much of the infrastructure you already use (especially on mobile)
- temporary in that discussions disappear quickly and are not seen again
- backed by huge multinational megcorps
- better at outreach
- subject to the whims/algorithms of the parent corporation
- group/page admins don't really own their own page
- groups/pages/communities can be created with just a click
- not very customizable
Forums are:
- more of a barrier to access
- not suited to very quick posts
- more in-depth
- able to archive information, but not suited to sharing a virality
- more suited to longer (timewise) discussions
- not integrated into mobile platforms
- usually (but not always) owned by individuals or small companies
- subject to the whims of forum owners
- take work to build and maintain
- customizable
That's just a few things. What other strengths and weaknesses do each have? One thing I think is interesting is that social media is designed to link to content, whereas forums are designed to hold content.
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