I’m only 65, but my perception is that before the 60’s, a lot of movie stars were almost worshiped as gods, at least in the US.
There are still popular stars, but they just don’t seem to be as “worshipped” as they were in the 30’s and 40’s.
But It just may be me. It seems that there are just too many of them today and the whole “star” thing is diluted.
From a business standpoint, the major record labels have a lot in common with the old movie studios. Consider the time & capital spent developing talent. How many "made it big" vs. how many were "one hit wonders" -- or never made it at all? The monopolies are largely gone as production costs have dropped. Oh yeah, there are still blockbuster movies, but then you get groundbreaking stuff being created on Youtube that gets picked up by the streaming services. It's chaos out there.