Absolutely. TikTok and Instagram are usurping the social video space with 3,590M MAUs between them (compared to YouTube's 2,530M MAUs). Although YouTube continues to do fine, it's far from a monopoly, and I personally don't think it can be assumed that it will retain its flagship position.

There are aspects of YT that I simply cannot see TikTok or Instagram disrupting. Music is one of them. I just searched for one of my favourite musicians Lisa O'Neill on TikTok. There are literally 6 videos in the results, mostly just short clips of her singing live. On YouTube she has her own channel with 16k subscribers, all her official music videos, and several live performances, plus countless other channels like BBCMusic or TradTG4 with videos of her doing live performances. There's no comparison.