Title: Where to Go Next for Recommender Systems? ID- vs. Modality-based recommender models revisited. Abstract: Recommender models that utilize unique identities (IDs for short) to represent distinct users and items have been the state-of-the-arts and dominating the recommender system (RS) literature for over a decade. In parallel, the pre-trained modality encoders, such as BERT and ResNet, are becoming increasingly powerful in modeling raw modality features, e.g., text and images. In light of this, a natural question arises: whether the modality (a.k.a, content) only based recommender models (MoRec) can exceed or be on par with the ID-only based models (IDRec) when item modality features are available? In fact, this question had been answered once a decade ago, when IDRec beat MoRec with strong advantages in terms of both recommendation accuracy and efficiency.
We aim to revisit this `old' question and systematically study MoRec from several aspects. Specifically, we study several sub-questions: (i) which recommender paradigm, MoRec or IDRec, performs best in various practical scenarios, including regular, cold and new item scenarios?  does this hold for items with different modality features? (ii) will MoRec benefit from the latest technical advances in corresponding communities, for example, natural language processing and computer vision? (iii) what is an effective way to leverage item modality representations, freezing them or adapting them by fine-tuning on new data? (iv) are there any other factors that affect the efficacy of MoRec. To answer these questions, we conduct rigorous experiments for item recommendations with two popular modalities, i.e., text and vision. We provide empirical evidence that MoRec with standard end-to-end training is highly competitive and even exceeds IDRec in some cases. Many of our observations imply that the dominance of IDRec in terms of recommendation accuracy does not hold well when items' raw modality features are available. We promise to release all related codes & datasets upon acceptance.