New social media players race: Tough roads ahead.

While new broad base social media players try to make a dent, it is more likely niche apps will make gains in the coming years.

For example, so-called "chat" apps, like Kick, seem to be growing, says Michael Ogince, director, platform & product strategy of Big Fuel Communications at the OMMA Social event.

Liz Dennebaum, social media director of EPIX, says there is little doubt millennials have increasing favor in using apps like Kick.

But new broad-scale social media platforms will be tough to grow. "There is not enough room for new players to make a dent," says Fahad Khan, chairman/chief executive officer of One Public.

Sharad Verma, chief executive officer/founder of Piqora: "Building consumer experiences are different than building technology."

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