We used to have one in Poland until Facebook ate it essentially whole. It still exists in vestigial form, called Nasza Klasa. (designed for class reunions)
The US, China and Russia understood this. The EU did not. That's why the EU tried to fight back with small regulations, but it just wasn't enough. Foreign media companies need to be regulated out of existence if the EU intends to keep its sovereignty and competitive edge.
On the plus side, I think this ordeal has toughened EU industry. It's been a massive stress test. Now we have a very resilient and robust industry which is ready to receive its fair share of eyeballs.