I think that is true, but the effect is only temporary. Eventually people tire of it and move on to something else. And it is always possible that the “something else” is even worse. Like when, in music, “something else” meant Punk.
“Eventually people tire of it and move on to something else.”
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Which they’re more likely to get from streaming services, which provide a larger variety of genres and eras.
The streamers will likely become the major innovators in TV and feature length productions. They have to be more responsive to demand.
The major film studios won’t die quick, but their business model is becoming increasingly outdated due to tech advances & options.