I've heard stuff before about the fact that conglomerates like Tencent make it hard for Chinese startups to get money. Is that true and potentially the larger factor?

Given that it's so easy to spend 3+ hours a day on internet entertainment, I find it logical that ad-driven social media is a productivity drain. However, are they simply addressing a symptom of why people get hooked to social media? What's stopping people from watching TV for 5+ hours a day like certain older, retired generations?