More likely it is a competitor to Azure Media Services, as they had a lot of the same type of services already. This is really AWS catching up.
This is my take as well. The announcement, features, and marketing material are clearly geared towards larger media companies and broadcasters. Which is where Elemental was strong, and a big part of why AWS bought Elemental.
In some respect these offerings are a lot closer to the technical side of what companies like Clearleap and Ooyala offer companies. The language and offering types match a lot more to what traditional, non-Internet content providers want minus the traditional overhead of long sales cycles, architects, account managers, PSO, etc. But that’s half the value of most enterprise companies anyway to be able to conduct business with large, bureaucratic, non-technical culture organizations anyway.
Technically, yes - but I feel like they target very different users. AWS targets technical people. Cloudflare targets product people. The difference is clear in pricing - Cloudflare never has never charged for bandwidth.