The average US consumer now pays for four different streaming services and spends $61 a month on them. But almost half of Gen Z and a large share of millennials say they prefer social-media video and live streaming (think Twitch) to traditional film and TV or services like Netflix and Max, per Deloitte.

This is the single biggest challenge facing Hollywood. Forget about artificial intelligence, strikes and streaming losses. How do you compete with free, user-generated videos on YouTube, TikTok and Instagram?