Outsourcing seems extremely short-sighted in this environment. You're devaluing your brand, and giving expertise and training to another place that can make their own products.
I also wonder how much can be attributed to weakened intellectual property protection. Comments in this thread say they don't pay for anything because they can watch it all for free.
There 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.
Before video this happened to text. Look at for example how NYT has shored itself up vs the many failed news outlets. Premium brand.
Most 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.
Ridiculous simplification.
Well, remind me not to hire you for an executive media position.
Hollywood got devalued because it is spending more money than before to get worse results than before.