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With one company dominating music, films, TV, Consoles and hardware manufacture it leads to stagnation and lack of choice plus it allows for a small group of people to dictate what we buy, play, listen to and watch which is never a good thing.
There was one CD format, and one DVD format after Sony gave up their competing format early on - I don't recall there being problems there. Anyone can release on Blu-Ray, and although Sony are widely credited as BR being their format, it's future is dictated by the "Blu-ray Disc Association" who founded with 9 members (including other electronics companies like Panasonic, Phillips, LG, Samsung, Sharp) and now have 18 board member and 65 contributing companies deciding how the format progresses.