There are millions of publishers competing with YouTube and Facebook for views. Since most can't compete, they add the YouTube player on their site and hope for the best. The best is not much. YouTube and Facebook provide a pittance of revenue in exchange for those views and therefore publishers are dying like flies.
Simply building a video sharing platform is not a solution because no matter how good the platform, who is going to bother to move off YouTube to watch a bit of content when they have a whole world of content on YouTube. Do any kids under 18 watch anything other than YouTube? Only their favorites like Walking Dead and Game of Thrones if they can't torrent it.