Yes indeed, Hollywood might be the next to fall. What with the advance of technology, it is now feasible to make high quality movies outside of the "industry" and give wide distribute them. More independents can get into the act and break the Hollywood strangle hold on film entertainment.
Modern Independent film making has been around since the 1950s and the industry actually thrives on it.
There is indeed a revolution underway in movie making. Independents are now getting their hands on some wonderful technology and independent film making is the growth market. Independents can make movies on micro budgets.
Hollywood is not making mid-budget movies. They are rolling the dice on blockbuster attempts using $100+ million dollar budgets. They are also losing a hell of a lot of money doing it.
It's all about "deals" in Hollywood. Movie stars and directors are called "attachments" now. Note the language of lawyers. They think if they blow enough cash, filling the screen with big names, every fool in American will drop $9 to see it, without regard to the quality of the story.
It is gratifying to see these ruthless people losing hundreds of millions of dollars paying self-absorbed, loony actors $15 million apiece to make movies which lose money by the trainload.
Hollywood is a land of dead people walking around. It's a world of dinosaurs, not innovators. The old model is broken and they don't know what to do.