It is actually bigger than that.
While what you say is true, that is the icing flower on the cake, not the cake itself. Even if they didnt lost touch, this would be happening.
The technological disruption that came from the break in the monopoly on distribution was enormous.
It wiped out newspapers and record companies quickly because text and audio were easier for the early days of the Internet. Video required more advancement with things such as telecommunication systems.
We are there now and the impact is being felt.
People watch 197.8 million hours of TikTok videos per day. That is a lot of time focused outside traditional Hollywood movie and television studios.