Maybe. As a contrast, look at the book industry. We have access to 500+ years of books digitally, and yet most people prefer to read books written in the last 50 years.
The last 50 years of books is still more books in the genre you like than you could read in a lifetime.
The point stands, the over supply is a huge factor. There’s so much content available that serves as a competitive/substitute for traditional film and tv that it changes the entire consumer behavior and economy around the industry, which translates to jobs.
I don’t think people will ever really want to only watch old stuff, or lack desire for new stuff. But, in terms of thinking about the volume of media available I think the non-expiring idea is valid. YouTube alone has 500 hours of video uploaded every 1 minute.