Digital platforms, from Instagram to Spotify, have become central to the production, distribution, and monetization of cultural content. This essay discusses how this process of platformization poses three interrelated challenges for the research on and governance of contemporary cultural industries. First, platformization complicates the question of media concentration, as platform corporations integrate highly diverse businesses, not only hosting and curating media content, but also functioning as advertising networks, data intermediaries, and so on. Second, it thwarts the regulation of media content, as platforms channel vast amounts of heterogeneous materials, shared by a broad range of users, making it extremely difficult to maintain oversight. Third, the growing dominance of platform corporations over the cultural domain makes it vital, but also difficult, to develop and sustain online public service media and alternative noncommercial platforms. The essay closes by discussing how these challenges can and should be addressed from the perspective of media studies.