A third phase occurs when phase two is successful enough that competitors lose traction. If you can achieve a monopolistic position in your market, then you can stop asking for attention and money, and start demanding it. Pay up or else you don't get to stream music. Sit through more and longer ads with increasingly insipid UX and privacy issues, or else you don't get to stream videos.
My view is that the Internet is in a consolidation phase where a smaller number of companies are getting a larger share of traffic, resulting in monopolistic dynamics.