That’s not something that really works with industries that are zero sum games. You can’t have a dozen competing rail companies in a given state because there is only so many paths that a rail system can take, and you need to clear out continuous stretches of land through eminent domain.
If a company provides a vital services and fails, it should be nationalized. If a company does not provide a vital service and fails, it shouldbe allowed to fail and the employees themselves bailed out.
And for those that are able to keep to just one subscription, switching to another when they’ve finished watching whatever show it is that said service had, they aren’t safe either.
One of the next steps that these corporations are going to take is to add fees for dropping their services, with year long contracts.
They don’t want competition, so they will try to force you to stay.