Because the market is so fragmented, we have lost the monoculture. In the 90s, you could assume 50% of the population knew who "The Rachel" haircut referred to. Today, you can mention a show with 10 million viewers (a massive hit by modern standards) and receive blank stares from half the room. This fragmentation weakens the cultural glue that popular media is supposed to provide.
: Content from studios like ALS Scan is copyrighted. Unauthorized distribution or downloading may violate terms of service on various platforms and local intellectual property laws.