Part of me thinks that the death of monoculture is a big reason. When we used to have a monoculture, sure the biggest blockbusters made the big splash, but you also were more easily able to hear about less prominent projects. Shared media, fewer choices, less fragmentation. Today, you still hear about the big blockbusters, but everything else is spread so thin that it's not worth it to sit in the middle.
Part of me thinks that the death of monoculture is a big reason. When we used to have a monoculture, sure the biggest blockbusters made the big splash, but you also were more easily able to hear about less prominent projects. Shared media, fewer choices, less fragmentation. Today, you still hear about the big blockbusters, but everything else is spread so thin that it's not worth it to sit in the middle.