Hollywood got devalued because people prefer spending time on Youtube/TikTok/Instagram/Reddit/Discord/Video Games/Hacker News/etc.
replyThere was nothing the business leaders could have done to prevent the effect of basically an unlimited supply of video entertainment being added to the market.
Nothing they could have done? That’s crazy.
replyBefore video this happened to text. Look at for example how NYT has shored itself up vs the many failed news outlets. Premium brand.
Even though the businesses are not comparable since journalism is a far less capital intensive business than video media production, I don't see how your example of 1 business thriving while almost all others failed is incongruent with the theme of the linked article which is loss of many jobs in the media production business.
replyMost businesses in (professional) journalism failed and many jobs were lost.
Most business in (professional) video media production failed and many jobs were (or will continue to be) lost.
Supply greatly increases relative to demand, prices go down, only highest volume sellers can remain.