Facebook has also been increasingly used as official pages for companies and famous personalities alike. For small startups which want to save cost on developing a website, Facebook is an easy alternative.
Personally, I would actually think that Facebook is under utilised by the millennials. Although the trend is moving away from Facebook and Facebook users are deemed to be "uncool", the videos and articles I see on my feed are usually more mature and reflective, instead of funny ones like those on Twitter.
Kudos to Facebook though, for buying over the more "trendy" social media platforms like Instagram and telecommunication app Whatsapp to keep up. This shows awareness on their part and this will allow them to go a long way.
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