When it comes to how people carve up their days, working and sleeping occupy the most ticks of the clock. But according to one recent study, leisure activities take a strong third place. Americans average 5.3 hours each day of leisure time, including activities such as socializing, playing games, reading, recreation and exercise, and relaxing. But a whopping half of all leisure time is spent watching TV. Nowadays, that includes any and all video programing on any and all devices. And although traditional television is still king, the average person now consumes 70 minutes of online video each day, a number that is growing rapidly. Most of that viewing time is spent on mobile devices over traditional computers. In fact, video will account for 80 percent of all mobile traffic within the next few years.

The compelling new viewing outlets brought to us by mobile, on-demand, and digital technologies are part and parcel to the slow but inevitable fraying of traditional primetime lineups and cable TV bundles. All of this has sparked an intense battle to capture viewing audiences that have never before been more in play. Content that was once only consumed via long-standing broadcast and cable networks such as NBC, ABC, CBS, HBO, MTV, TNT, TBS, and ESPN is now being gobbled up through new venues.

The most dominant new player is Netflix. The company that once established itself as the leading distributor of rented DVDs by mail is now the leading source of streaming television and movie programming. More than 75 million paying Netflix subscribers in 190 countries have their eyes glued to 3.8 billion ad-free hours of streaming content every month. In the United States, Netflix commands more than one-third of all internet traffic on any given weeknight. And although most of its content originates from outside sources, Netflix is fast becoming a force as a producer of original content. In fact, with hit series such as House of Cards, Orange Is The New Black, Jessica Jones, and The Unbreakable Kimmy Schmidt, Netflix is winning Golden Globes and Emmys, not to mention adding millions of new subscribers to its massive user base each month. And with the soon-to-be-released talk show starring comedian Chelsea Handler, Netflix is making its first move into live television. With annual revenues of $6.7 billion and most of that being spent on content, Netflix is keeping television and cable network executives awake at night.

But Google is no shrinking violet when it comes to internet video. Through its Google Play media store, it rents and sells movies and TV programs à la iTunes. More important, its own YouTube unit is still far and away the leading source for streaming video with a whopping 77 percent share of all video site visits. YouTube has always generated revenue for Google, with advertising accounting for the vast majority of that income—a model that has set a standard for internet video. In addition, YouTube provides viewers with a second Google option to rent or purchase movies and TV programs as well as a selection of pay-per-view subscription channels. By itself, YouTube generated an estimated $9 billion in revenue for Google last year.

Making more money on internet video than even Netflix, you might think Google would be satisfied with its offerings. But Google has never been satisfied with the status quo. It knows that it must keep doing more if it wants to remain on top of the online video heap.

As online video explodes, Netflix is hardly Google’s only concern. Other premium viewing sites such as Hulu and Crackle are also of concern. But perhaps even more pressing, every one of Google’s formidable competitors poses a credible threat with its own online video portals. When it comes to subscription services, Amazon Prime is second only to Netflix with about one-third the number of paying subscribers. Hulu Plus is close behind. Apple invented the online media store with iTunes. And with more than a billion users, Apple certainly has a captive audience for its video portal through the most coveted devices in the world.

Facebook now boasts 8 billion video views a day and ­growing—a statistic that some suggest makes the world’s largest social network YouTube’s biggest threat. And with its Surface and Xbox interfaces, even Microsoft has a foot in the door for its Windows media store. Even Twitter recently signed a deal with the NFL to live-stream Thursday night games. With Verizon, Yahoo!, and even Alibaba vying for the attention of eyeballs worldwide with their video content, the industry is red hot.

Lately, each of these players has poured money into building a video empire. And these days it’s all about original content. In that arena, Netflix is leading the way and has completely shaken up the competitive landscape. Many Hollywood actors, directors, and producers have jumped ship to Netflix not only for the money but for the lure of artistic freedom that traditional channels simply cannot provide. “[Competitors are] in awe of the clout Netflix carries with both consumers and media companies,” says Blair Westlake, former chairman of Universal Television and head of media and entertainment for Microsoft. And although they may not walk with Netflix’s swagger, Amazon, Hulu, and Crackle each hold a hand at the table of original content.

At the most recent Sundance Film Festival, it was “invitation only” at the iTunes Lounge, the Apple-hosted revolving door of A-listers at the Imperial Hotel on Park City’s main drag. Apple’s presence at the high-profile festival was part of its current plan to develop a roster of exclusive content intended to rival the options on Netflix—content that will be available only through iTunes and apps on Apple devices.

Apple is pursuing a “two-lane” approach to content development. The first is a collection of short films, music videos, and documentaries built around associates of Dr. Dre and Jimmy Iovine—the founders of Beats Electronics, which Apple purchased for $3 billion and rebranded as Apple Music, its answer to Spotify. In a holistic fashion, this content not only will attract viewers but will serve to promote Apple Music. The second lane is to develop original TV-style programming in the vein of Netflix, Amazon, and Hulu. With a stockpile of cash that exceeds $200 billion, Apple has the funds to pave both lanes with gold.

While Apple is putting together deals behind closed doors, Facebook is pursuing its own path. Rumor has it that Facebook’s Mark Zuckerberg is obsessed with video. In fact, Facebook is predicting the end of the written word on its platform. In five years’ time, Facebook “will be definitely mobile, it will be probably all video,” says Nicola Mendelsohn, head of Facebook for Europe, the Middle East, and Africa. “The best way to tell stories in this world, where so much information is coming at us, actually is video.”

With its unparalleled reach, analytics, and targeting capabilities, Facebook has been very successful in getting studios to use the social network as a platform for trailers and sneak peeks. But Facebook is currently pushing hard with its money and other resources to move beyond promotional partnerships with Hollywood. It aims to be a serious option for destination viewing of original content. Enter Facebook Live, a live streaming platform designed to house just about anything. For example, Whoopi Goldberg provided a behind-the-scenes play-by-play of the most recent Academy Awards in a series of video diaries that received millions of hits. But that’s just the tip of the iceberg. Facebook is in talks with everyone from TV producers, comedians, and musicians to athletes, chefs, politicians, and journalists to stream live shows, including exclusives.

So what is Google doing to surpass competitors in this very crowded field? You might think that it would turn Google Play into a Netflix or Hulu clone. Indeed, some analysts have suggested that Google simply purchase one of the proven video portals, pointing to the $75 billion pile of cash it’s sitting on. But Google doesn’t want to be Netflix. Rather, Google is out to fortify its position as the online video leader based on its own strengths—and that means YouTube. Last year, YouTube launched its own paid subscription service, Red. For $9.99 a month, viewers receive ad-free access to all YouTube content across all YouTube interfaces. Subscribers can save videos and playlists on devices to be viewed offline. There is even a “music only” setting for music videos, integrating with YouTube Music and Google Play Music to make Red a commercial-free streaming music service.

Although such features are nice, YouTube Red’s biggest draw will likely be its recently launched Originals—original programming available exclusively to Red subscribers. But unlike Netflix, Amazon, and even Apple, YouTube is developing content with its own twist. First and foremost, it’s capitalizing on the personalities made famous at home. There’s Scare PewDiePie, a scripted reality horror show from the producers of The Walking Dead and starring YouTube’s biggest celebrity, Felix Kjellberg. There’s A Trip to Unicorn Island, a documentary focusing on Lilly “Superwoman” Singh. And there’s Fight of the Living Dead, which puts YouTube talent in a fight to survive a zombie apocalypse.

But even as YouTube signs its own celebrities to star in top-quality programs, it doesn’t have a lock on these stars. In a first-ever competitive move, Netflix recently signed YouTube sensation Miranda Sings to star in an original comedy series, Haters Back Off! Although YouTube has plenty of homegrown personalities to choose from, it must now add them to the list of possible competitive threats.

YouTube Red currently has 10 programs available. And with many more in the works, including more high-profile shows featuring high-profile industry talent, YouTube Originals is off and running. Offering very competitive compensation for personalities, directors, and producers, Hollywood insiders as well as Google’s competitors have gotten the message—YouTube means business.