If you wish to compete with Youtube, consider a feature match of the followings:
1. Fast streaming, everywhere, on phones and browsers.
2. Super High resolution videos.
3. Huge content reserves.
4. Good search and discovery experience.
5. The ability to battle spams and handle external copyright claim to avoid lawsuit.
6. Robust ad platform and sales and the infrastructure to sustain operations.
Youtube has achieved this because they are part of Google, they enjoy all kinds of technological advantage: Storage/Serving/Spam filtering/Video encoding/Machine Learning, and years and years of accumulation of data, losing billions of dollars while getting constant cash injection from Google.
It is hard to replicate Youtube, heck, even Chinese doesn't succeed to copy one of their own. None of the video streaming websites in China is exactly the model of Youtube.