Social networking and social media as a field might get relabeled, but that would not change my short and long term predictions:
Social networking will become more focused by location. We will connect with our friends seamlessly through a handful of easy to use apps and platforms. Pretty soon, we will get notified when a qualified 1st degree friend is within a block of us. This is already starting to happen, but there are still some kinks in the user-experience (UX).
Social networking will become more focused on niche communities because there is a big demand for clearing up the noise. To be blunt, we will become more selfish. In other words, innovation is great, but it's pushing us forward so fast that it's challenging to keep track of new languages and paradigm shifting resources. I believe that we will all seek out niche communities and Apps that satisfy our needs. For example, joining a social network specific to your career or hobby will be much more fruitful than letting a highly populated website decide what is important to you.
Social media is the ultimate bouncing platform for a completely dispersed capitalistic model where every individual could have his or her own company and run it efficiently. Think about how powerful this could be. If my prediction holds, social media (relabeled or not) will change all aspects of capitalism and business as we know it.
We will have a virtual social layer superimposed on our physical experience of our immediate surroundings. Supercomputing in a device the size of a pen or your watch means that everything will be "smart" and have almost instantaneous connections with anything else hooked up to the Web.