I don't know. There's definitely fewer serious novels of a certain kind being published, and movies that aren't special effect spectacles tend to flop or go straight to streaming (for now).
Now the problem is quality and production. Studios don't have to be very selective at all any more so median quality has gone way down. Streaming platforms have a ton of content and terrible discovery which means there are huge volumes of mid content and a few gems that unless they are popular are impossible to find.
Publishing had a huge demographic change and is suffering from a different kind of bias than in decades past which has the same kind of diversity-limiting effect, just substituting different groups being promoted and left behind.
Culturally all over media production there's also a problem with a difficult to make distinction – "trying to be diverse" vs "actual diversity" and the imbalance is pushing people into silos: politically, culturally, and in every other way.