In the last part of the 20th century, the utterly drab and lackluster Three-Letter Networks were drab and lackluster in part because they were trying to avoid offending as large a portion of the population as possible. But, with way more than 3 networks competing now, you can't be drab and get anyone's attention. Which means either you have content that's offensive to lots of people, and hope that it is offset by other content that appeals to those people, or you shrink down to a niche provider that appeals only to a much smaller portion of the population.
The third factor is that many companies cannot get financing or keep up their share prices unless they can pretend they will be as big as Facebook, so just existing in your little niche may not work well either. Unstoppable force meets immovable objects...