The point is that you don't have to compete with low production budget TV anymore , you have to compete with high quality, limitless and free youtube videos
Your value proposition has to be good.
Cinema is still around because it offers a good experience and exclusivity ( while you can see a film online the day after it came out of the cinema the quality is really bad)
I simply won't pay 10€ for a tv series I would binge in 3 days while in background