[HappMacDonald]

The simplest example of what you describe regarding fully bespoke content would be realtime generation of VR feeds. Of course even in VR people would be consuming still more 2D content: the environments are built out of 3d models textured by 2d content at higher resolutions than most viewers will ever closely inspect.

You'd most likely categorize all of the unseen textures or higher-than-needed resolution in your "waste" bucket, and I can't argue with that. But VR still clearly means that there is at least theoretical room for "realtime video generated custom for every viewer, which in turn is composed of even more content sources".