Maybe. As a contrast, look at the book industry. We have access to 500+ years of books digitally, and yet most people prefer to read books written in the last 50 years.
It's hard to read old books sometimes. Unless you grew up doing it you just simply don't understand character intentions. Reading a Dostoyevsky book it's hard to relate to characters or even understand the outrage in a lot of scenes.
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).
The point stands, the over supply is a huge factor. There’s so much content available that serves as a competitive/substitute for traditional film and tv that it changes the entire consumer behavior and economy around the industry, which translates to jobs.
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.
The last 50 years of books is still more books in the genre you like than you could read in a lifetime.