Since its inception, the agency has wooed filmmakers, producers, and actors in order to present a rosy portrait of its operations to the American public."
Hollywood is a cred game. The actual money since the 1950s has been on television. In fact Hollywood has never been as profitable, inflation adjusted, as it was before the commodification of television sets.
Source: I study history of film. To think of Hollywood in the 20s, 30s and 40s - think of Silicon Valley. Entire cities were made in huge lots behind LA studios. Nobody does that anymore. Gone with the wind, inflation adjusted, is still one of the most expensive and profitable movies ever made.
And yes, trust me - as far as they know (and a lot of things have been tried) Hollywood makes what it makes because it sells. It’s an industry like any other. Instead of cars they sell movies.
I've ha-ha-only-seriously described Hollywood as a complicated, interrelated set of financial instruments which as a by-product also produces movies for a while now.
Hollywood, like Legislatures, are giving the majority of the public what they want.