If you do business and use the Internet to communicate with customers, this news story is important to you.
Limiting your online presence to free services like facebook, twitter, or instagram is like turning over the keys of your business to a stranger. They control the customers and they decide how much of your communication gets to them and how much of their communication gets to you.
With your own domain name, you can point it to your facebook or twitter account as long as it helps your business. The moment it becomes a hindrance you can point your domain elsewhere. You could even point facebook.yourdomain.com to your facebook page, twitter.yourdomain.com to your twitter feed, store.yourdomain.com to your online store; the possibilities are endless.