Lastminute.com co-founder Martha Lane Fox said Facebook was well-placed to continue as a social media giant for many years.
The crossbench peer told ITV News: "Especially in an environment now where they're beginning to dominate in such a profound way the platforms that they rest on.
"I think it's much harder than it was even two or three years ago to displace them."
The entrepreneur and co-founder of Lastminute.com, Martha Lane Fox, has been made a non-party-political peer by the House of Lords Appointments Commission.
Baroness Lane-Fox of Soho, as she will be known, has told ITV News the news is "wonderful" and that it is a "privilege" to be appointed.