What we know so far:
+ EU member states have until June 2021 to introduce national laws that are in line with the new rules (UK is likely follow suit despite Brexit).
+ USA - From June 2021 America has 2 years to implement this change. However each state could have their own laws (could get messy).
Bigger content sharing websites are looking to liaise with every single country and work with them. They are also looking to work with EU to make sure they follow the laws correctly.
How Google is dealing with the issue:
https://support.google.com/youtube/thread/17592587?hl=en
Possible solutions for smaller content sharing websites:
• Move to non-eu hosting providers
• Disabling images
• Banning EU visitors