Standard tactic since the early 2000s. Provide a service for next to nothing by dumping insane amounts of cash into it. Competition either can't hold up or is straight up bought up. Fast forward 5 years and you're the only real player left. Then you're a monopoly and can set the prices as you see fit. Best example of this is uber, but amazon and youtube have done it too
There's really not any competition in the exact same line of business as them anymore. Amazon's Luna kinda? But not really, you have to buy new copies of games there - or subscribe to them. Other services like moonlight you have to host yourself.