I think we could stop all content creation today and everyone would still have enough to last through their grandchildren's lifetimes.
And unlike a lot of things, media doesn't expire. I still regularly find albums, movies, and books from decades ago I enjoy today.
Media of all forms is just worth less now due to oversupply.
Media doesn't expire, but with increasing distance to the cultural context it was created in, enjoying any work in all its nuances becomes harder. Take for example Arrested Development - one of the funniest TV shows of this century, but unless you bring sufficient knowledge on the Bush Jr. administration, you'll miss the funniest layers of many jokes and stories.
And it gets all the more interesting to look back at how the Zeitgeist changed over time, as tropes evolve and tastes keep changing.
If you don't know your history well, the whole setting for the Count of Monte Cristo is confusing af. So you now need to read up on the fall and rise of the monarchy and Napoleon, and his exile etc. Also a lot of words are just foreign to most people.
Where as reading a book written recently it's just way easier to get into it since it's written in the context of our collective memory (if that makes sense).
I don’t think people will ever really want to only watch old stuff, or lack desire for new stuff. But, in terms of thinking about the volume of media available I think the non-expiring idea is valid. YouTube alone has 500 hours of video uploaded every 1 minute.