Earlier quoted context omitted.
Go back to a time at the start of Youtube. Now answer these questions: And what will those people who make videos on Youtube do? Produce videos in uber-saturated categories? Or magically 9900 more media channels will be created, all of them successful?
YouTube is a platform, it's not a product. And in this case, created a new market. A market in which, by the way, still very few people (relative to those who try) are successful. In fact I wouldn't be surprised if the percentage would be much smaller than 10%. A quick search leads to different answer, but https://alanspicer.com/what-percentage-of-youtubers-make-mon... suggests that 0.25% of all YouTube channels make…
Now count how many TV stations there were in the 90s and 2000s.
This is just Youtube alone. What about streamers on Twitch? Youtube? Tiktokers? IG influencers?
Plenty of people are making money creating video content online.
The internet, ease and advancements in video editing tools, and cheap portable cameras all came together to allow millions of content creators instead of 100 TV channels.