There's like three companies. Maybe three and a half. Google, Facebook, Netflix, and Amazon is the half. Google and Facebook are believed to have agreed to a trust scheme so they're not really competing for real.
It's more that everyone on social media is competing to capture your "engagement", because if they hold you, the companies promote them, and then the platform makes money. They don't have to compete on quality of product because they aren't really competing. These companies are in a phase of maximizing profits, not acquiring customers.