people want relevant, accurate news more than ever
No they don't, they gobble down the latest "rushed to the frontpage two minutes before the competition" and after being fed clickbait by clickbait that's wildly misleding they keep coming back for more. You're confusing it with that they want it two seconds after it happened, which is another thing entirely.
people want entertainment that is not formulaic & trite more than ever
The first Transformers movie made $700 million. "Transformers: Revenge of the Fallen" made $830 million, "Transformers: Dark of the Moon" grossed over a billion dollars and "Transformers: Age of Extinction" is 75% there after two weeks. Reality disagrees with you.
the only reason is that we, as consumers, have been conditioned by bullshit marketing to have ***REDUCED EXPECTATIONS OF VALUE***
No, most people mainstream because they want to since it involves the least effort. I could certainly find something I like better but a pizza from the popular pizza shop down on the corner will probably be fine. Those clothes I wear might not be a fashion statement but they work well enough. My car is certainly mainstream and it has its conveniences when it comes to service, repair, parts and resale market. Tried and true and not on the bleeding edge of anything. Maybe I could find one better or simpler or lower priced or lower on maintenance but at the risk of ending up with something I eventually won't like.
Like everyone I've got a few things I really care deeply about, like what parts my computer have and the other 95% I don't really care, I just want a product that's decent and will work for me unless I have some sort of special needs. Like what brand of tooth paste I use, I barely remember it well enough to pick up the same tube next time and I certainly don't care - it's not brand loyalty it's brand apathy. There's a few I don't like the taste of so there's "lemons" in the market and I can't really say I know what the improvements would be. It's not like I'm going to start reading toothpaste reviews to pick the best one.