I think the same way. The demos from Unreal Engine 5 are incredible. Combine it with LLMs and we really are not too far from being able to as the computer to generate a story and giving it some details, and having it be rendered and look pretty damn lifelike. That 5, maybe 10 years away at most.

I don't think the movie/tv industries will disappear, but they will be lessened when people can generate at least reasonable looking entertainment from home.

I think movies and tv will basically become like books already are. People might have read some best sellers, but there won't really be anything that is super widespread or you can count on most people having seen like Seinfeld or The X-Files.