The problem is that the gap between such platforms and Youtube is enormous, and long before they are even remotely competitive they will be required to spend vast sums of money on compliance. A secondary effect will be a reduced willingness to invest in small-to-medium sized competitors due to the regulatory costs and the risks of non-compliance, further hampering growth.

Much as I hate to admit it, the biggest reason US tech companies have been so much more successful than European tech companies is that the US imposes far fewer regulations, which allows companies to use more of their revenue on growth.