(Though I'm not convinced it will. If you wanted to be a skeptic, you could argue that we're already in a huge content glut; there's basically infinite content available for almost free. So does radically lower the cost matter that much?
(Maybe in low-level ways, like it'll increase the abilities of small indie studio to produce high-level content. But to your average consumer, maybe it's not noticable.)
It's not about lowering the cost, it's about generating content that fits your specific preferences in real time. Forget on demand streaming of off-the-shelf content, people will want on demand content generation.
And then, as is tradition, the next step after that is giving you content you did not even know you wanted. That can be perverse marketing, feeding you sensationalized stuff that keeps you hooked 24/7¹ but the better alternative is something that is tailored to your general tastes, genres, writing styles, etc. so that you receive the content that is best received by you at that particular moment (matching your mood, your goals, your style)
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1. This image comes to mind... https://www.wallpaperflare.com/dystopian-cyberpunk-sad-virtu...
Your image seems apropos; I'm reminded of David Foster Wallace, as well, with his whole obsession w/ entertaining ourselves to death...
Because my experience with reading bedtime stories to kids is that they want to hear the. same. story. every. night.