Well actually content creation is getting significantly cheaper. Case in point have seen what artist able to do with small budgets and a Canon DSLR Hybrids ? http://vimeo.com/groups/beyondthestill*
Instead of looking for new talent, they continue to over pay veterans who continue to have flops after flops, of the top my head I can think of Jennifer Anistons and Nicolas Cage and a quick google search: http://www.radaronline.com/exclusives/2010/12/rupert-everett... http://www.dailymail.co.uk/tvshowbiz/article-1165345/King-mo...
So the problem is the big studios and the major record labels are content with the status quo have access to major promotional channels. Promotion is still very expensive. Even on Youtube where some indie content creators can thrive, the big players still dominate.