> some of the most influential pieces of art of the last century and it permeated global culture in a way only comparable to Renaissance-era Florence

Not just comparable; easily greater than. US movie business has easily been more influential than Romanticism. That said... TFA makes undeniably valid points:

"Morale has been battered by tens of thousands of layoffs, the exodus of production from California to lower-cost territories, the waning cultural relevance of cinema versus social media, declining attendance at theater chains and fears that artificial intelligence will displace traditional moviemaking.

[...] this year’s Oscar race has been overshadowed by rival Paramount Skydance Corp.’s $110 billion deal to buy the company. It’s the third time Warner Bros. has been sold in less than a decade.

[...] Hollywood’s anxiety — the local industry’s challenges are often compared to the decline of automaking in Detroit — isn’t misplaced. The crisis has grown to such magnitude that last year, California doubled the annual assistance it gives to film and TV productions to $750 million to stop them from fleeing the state."