Is Youtube too saturated to really be successful now?

I don;t feel like its to saturated I feel like if this is the route you want to go you need to be prepared to put a whole lot of work into both your channel and your social media and promoting. It is not going to be easy not matter how well you think its going you still need to keep putting in the work and not letting the numbers get to your head.

The right person in the right time with the right content will shine believe me. It might take a while but they will eventually get there, we all will.

It's all down to the person, not the market.

A regular salesman could go ahead and try and sell me a car, he can be the nicest most humble person on the planet but when put up against Dwayne Johnson trying to sell me a car, 10/10 going with Dwayne because well hes Dwayne.

Get where I'm coming from?
Has Youtube gotten to the point where there are far too many people starting channels that you really don't have a shot of making it?

YouTube is saturated, there is no other word for it. But no shot of making it? Would be false. You got a shot if your content is liked by the right people. When it gets shared on social media sites by other people and you get noticed by big YouTubers. Organic growth is not possible without that. Far too many people think that creating content entitles them to 100K subscribers and thousands of dollars of revenue. And those people you will always be able to pick out, even on this forum. Just check all the "Y No Subs/Views/Revenue" threads. Focus on creating, numbers will come. And if they don't? Well, find another hobby if the lack of stellar numbers means you aren't happy.

Also, do you think there are any new social media sites similar to Youtube that are growing and could compete with Youtube in the future? I'm thinking it might be better to build a presence on a new site, rather than trying to be successful in the huge ocean that is Youtube.

And no, I do not think anything will be able to dethrone YouTube. It is far too big and super easy to use.
Have a look at the Socialblade stats of Primitive Technology and then tell me YouTube is too saturated to grow ...
I pondered this exact topic last night. Good to see people say it's not too saturated, and I guess we can do what we can to contribute meaningful content
Also, do you think there are any new social media sites similar to Youtube that are growing and could compete with Youtube in the future?
It takes a monster to take out a monster. My money is still on Facebook. They already have most of Youtube's fanbase using their platform, everyone loves a one stop shop, many of the bigger creators have become more and more disenfranchised with Youtube lately for a variety of reasons, and Facebook clearly already has a plan in place to take over that market. Will they fail? It's possible, but they haven't failed at much of what they've tried to accomplish. On the other hand, is Youtube even profitable yet?

The theme of video platform discussion over the next few years will be Youtube vs Facebook. It should be fun because we all benefit from that type of competition.
I don't think it's oversaturated at all.

If you post generic videos with generic SEO metadata such as 'minecraft part 1', then yes, youtube is incredibly over-saturated

But if you make content that is fun to watch then there's no reason why you can't get a viewerbase if you have good meta data for your videos.

Spend a little time before creating each video to gauge what is a popular 'search topic', type stuff into the Youtube search bar and if it auto-suggests results then they are popular topics, make a video with that topic in mind and be sure to include the topic title and buzzwords in the title, description and tags - Youtube is a robot and all it sees when someone uploads a video is 'title, 2000MB, .avi', you have to make sure that your metadata is fantastic in order to (hopefully) make your video favoured with the search result algorithm as opposed to all of the other videos
Well if you're looking at starting, just remember that it'll be even more saturated next year.

If you want to make videos, then the best time is now.
There are breakout stars every year on YouTube. Your potential depends on your genre. Set realistic goals for yourself. Take me for example. My channel focuses on trading card games and we are a tiny community on YouTube. I should not expect to ever make it to the big stage.
You just gotta have something creative on your channel and theres still room for you. Look at GradeAUnderA.

And no, no one but facebook can challenge youtube at this point.

You should take the consideration that Facebook has NOT got the same function than YouTube. Facebook might compete well to YouTube as a social platform, but Facebook is just about socializing people in the inner circles while YouTube is for bringing entertainment to a whole public audience. They're two completely different things.

About the first point, the sad thing that I have to admit is the final point I Hate Everything explained in the "5 tips to become a YouTube success" video: "Talent is not a prerequisite to become a YouTube success".

Having success on YouTube might take talent in a small part of it, but most of it is purely entirely on luck. You cannot expect your content gets viral overnight, it just happens anytime.