alt Hacker NewsHold on... A ton of broadcasters, production companies, and individuals have done it and are doing it.
YouTube have many competitors and some of them are enormous, such as Netflix and cable TV. Production companies are popping up all the time and are making some of the world's highest quality material. The same for individuals who are making videos.
Or do you mean that YouTube needs a competitor that does exactly the same thing as YouTube?
All of them are based on the traditional media production model. The companies were all well established in the industry (minus Netflix) and the only change was to go from broadcast/cable/theater to streaming. YouTube pioneered user generated videos and independent content creators. Its only competitor is probably Twitch, but that itself is owned by Amazon and losing a ton of money.