Just focusing on movies, my sense is that money isn’t the big issue, it’s the lack of prestige involved in art that’s really killing it. The necessary conditions for creating great art is an elite group (that holds significant societal power), that ranks, discusses and promotes all the excellent art being released in a year. They give great artists prestige and some money but money is the smaller part of the equation. Instead of this what we have now is a mass market art where art gets ranked by the millions/ billions it brings in, and so we are fed with a never ending fill of Marvel Slop/ Franchise movies and rarely risky, through provoking movies. And when we do have such a movie, we have no effective way of showering its creators with prestige. The Oscars used to play this role, but now apparently most voters don’t even watch the Oscar movies and so it’s corrupted beyond repair.

Besides the Oscar crowd is filled with actors and the maximum prestige an actor can give to another actor is limited greatly. Compare it to an Oscar crowd filled with heads of state, industry etc like a royal court of the past and that would be an insanely strong incentive to produce great art.