In The Rise and Fall of the Hit Christ Anderson claims the era of the hit is over, and extends this to other forms of content.
I’m going to work on something about this, because my hunch is that Chris is wrong: what’s dying is, in fact, just bad repetitive "more of the same" work. Where something is unique, it does well: look at the 21 million people who watched England’s world cup game with Paraguay in the UK. Of the top 10 box office movies, nine were made in the last ten years, and seven in the past five. When a film like Titanic can make $1.8 billion on sales alone after having cost $200 million to make, there’s still a lot of profit to be made on Blockbusters: it takes an awful lot of small-budget movies to make up a profit of $1.6 billion.