Without even looking at the data, I bet both of your hypotheses here are wrong.
I bet the median American has more real disposable income than four years ago.
I bet the median American spends more in real terms on entertainment (and streaming specifically) than four years ago.
Almost without fail, the data in almost any area of modern life seems to be way less negative than people’s vibes about it are.
I think we are still in a hangover from the financial cocaine the governments were handing out during the pandemic (and even long after it was a problem).