Network effects actually favor open, federated platforms over walled gardens. The problem is that social media, "user-generated" content hosting, etc. have yet to be disrupted by federated offerings - they're still at that stage where there's one Compuserve and a zillion indie BBS's that don't even talk to one another (no UUCP, no Fidonet)! It will happen as it always has.
Is Google Search not a walled garden? How about GitHub? Bandcamp? SoundCloud? They appear to be winning in the sectors I can think of. Even internet piracy.