Overall digital content consumption grew 14 per cent in the US during October,according to Wieser. But Facebook's main app fell 6 per cent and time spent by user fell 10 per cent. Combined with Instagram and Messenger,Facebook related properties grew 1 per cent,but that was outpaced by growth for Google and its related properties,Twitter,and Snap.

The other big risk confronting Facebook,analysts say,is regulatory. Which brings us back to Australia.

The competition regulator,the ACCC,has completed a draft report from its'world first'inquiry into digital platforms,based on months of public hearings,submissions and private consultations with companies involved.

The report was delivered to the government last week,and is now expected to be released before Christmas,as soon as this week.

The strong mail coming from government and regulatory sources is that will make a number of wide ranging suggestions with potential multiple reforms about how to regulate the digital giants including Facebook and Google. (The Sydney Morning Herald has an advertising partnership with Google).

We don't know what these recommendations will be,although there is a sense they could be forthright.

Regulating Facebook and Google is a problem authorities around the world have been grappling with for a long time. The ACCC,which has a strong reputation globally as a forward thinking regulator,now has its chance to address it.

Some competition experts in the US believe Facebook should not have been allowed to acquire Instagram and WhatsApp,two purchases that were considered risky at the time but which removed two potential threats to Facebook's business and cemented its dominance across the broader social landscape.

News Corp and some other traditional companies have been calling for Facebook and Google to pay publishers carriage fees,arguing they profit from content they don't pay for. In its submissions to the ACCC review,News Corp also argued a government body should be established to monitor tech companies opaque algorithms.

Whether any of these suggestions make it into the ACCC draft report remains to be seen.

There will be another six months between the draft report and a final report (let alone any legislation needed to implement any recommendations). Which will give the powerful tech companies plenty of time to react and respond.

Still its a level of uncertainty the likes of Facebook and Google aren't used to dealing with.

It's always darkest before the dawn. The problem for Facebook is,it doesn't know whether its even reached midnight yet.