Spotify is in a similar boat. The music companies didn't value streaming and were willing to sell their entire catalog to the one player in the ecosystem (or in the case of music, to everyone for the same low price)
But also, personalization actually drives a ton of revenue. When I worked at Netflix, when the recommendation system went down and we defaulted to curated lists, streaming would drop 20%. And that was in 2013. I can only imagine what the drop is today when that system goes down.
Personalization drives a ton of revenue, and TikTok is the best at it, so it's no surprise that OP sees everything "going to TikTok"