Why was Marxism so appealing during the early period of industrialization?

It would supposedly give power and ownership to the workers who fueled the industries,
and take it away from the oligarchs who previously controlled the wealth and lives of
the workers. Didn't work.

The Industrial Revolution began in England in the 1700's.  Karl Marx published The Communist Manifesto in 1848.  Thus Marxism was not an issue during the early stages of the Industrial Revolution.  It can be argued, though, that communism did have some appeal.  Marx, while seen as the 'father' of communism was nowhere near the originator of the concept - Marx himself points this out.  Communists held portions of Paris during the early stages of the French Revolution (Marx came later).  When workers felt exploited they tended to organize.  Some went so far as to demolish the machinery of industry - these folk were called Luddites.  There were other movements - some along religious lines which defended workers' rights and especially those of child labourers.  During the early years of the Industrial Revolution there were many who felt the upwelling of class tensions and distinctions which gave Marx the inspiration for writing such works as Das Kapital and the Communist Manifesto.  You may want to read a biography of his friend and co-author, Friedrich Engels.