That isn't true any more when looking at the box office receipts and Nielsen ratings for streaming. The studios are releasing bomb after bomb, and streaming is dominated by shows that have been off the air for years or decades.

Even Hollywood knows it. That's why there was suspiciously no political rants during acceptance speeches at the oscars the other day even though it is an election year. They are desperately trying to bail the water out of their sinking ship. They are way too late though.