Thinking back to the late 1980s through late 1990s, I spent a lot of time in a movie theater with my friends. There was always something getting released that we really wanted to see.
In the last decade, not so much.... Hollywood spends way too much time doing remakes of movies done before, and IMO, the entire comedy genre has been pretty much decimated. Everything's reduced to fart/poop humor or trying to squeeze more laughs out of awkward sexual situations. Occasionally they manage to pull off something a lot of people will go see, but it seems like even then, they ruin it with a needless sequel (a la "The Hangover" or "Hot Tub Time Machine").
In recent years, the only movies we could justify forking over the money to watch in a theater were the kids' movies (PIXAR animations, etc.) and superhero movies (which are kind of hard to ruin, as long as they keep relatively close to the original story-lines).
Meanwhile, I think television has bridged the gap in a lot of ways, coming out with really well done series' that outdo Hollywood's story telling abilities. This is one reason why people will pay for HBO or Showtime subscriptions.... They're no longer just showing "already run" movies. They're creating new content, and people feel it's content worth paying something for.