My opinion on the problem of "too much content to watch in several lifetimes" will not be solved on the supply side, but the demand side.

All content is not created equal: we are social animals and what people around us do interests us much more, even if it is of lower quality. So, if anyone can generate professional-looking creative projects with relative little effort, we'll gravitate towards people creating content on niche subjects that interest us; thus creating small communities with high engagement. Even if they have low watch count, they'll matter to those participating in them. Fanfic communities already work that way.

There always be a place for conventional mainstream media outlets creating run-of-the-mill high-production-value works, with themes averaged to appeal to the masses; it's just that they'll have a lot more competition from communities of the first type.