Paradoxically, it's also a good example of the kind of soft power the US still has: we're all watching their movies.
Are we though?
People I know watch less and less each year. I don't think it's because they're getting older, as the reasons they cite usually revolves around how the source material has been butchered.
And if subscriber numbers were still going up, I sincerely doubt that the producers kept increasing the subscription cost over the last few years.
Honestly, I think that soft power has been massively damaged too, with people looking for less virtue signalling and less asinine gender swaps along with contrived homosexuality in their media
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Anecdotally, the people I talk to outside the U.S. see the film industry there as stuck in a Disney/Marvel pattern for the most part. Sure, there are good films, but there's a lot of cynical slop being turned out too and it's become so prevalent that it's a bit of a joke at this point. I blame the stagnation on the extreme consolidation of media companies.