Regarding Jimmy Wales predictions... "Which means if the next generation turns out to find away to creating the next Titanic on a $5,000 budget, Hollywood won’t even see the blow coming." This is going to happen sooner than we think. The question is how does the business adapt.

What's that saying? "Nobody knows anything." There won't be a $5000 James Cameron's Titanic. We may end up with hundreds of $5000 Troma's Titanics. Look at the way the web works. It's based on slapping something together as soon as possible, then iterating changes over time until you get it "right" or you get bought by someone bigger. This works great for websites or apps, but people expect stories to be complete. Do you really want to watch twenty versions of Titanic before you finally get to the good one? Sure, people like the readers of this website will read draft after draft of screenplays, then go see the final result, but that's not a big market. Actually, what I just described shows how Hollywood can survive, just like Microsoft and Google and Facebook will soldier on. So much of the internet is about selling out to someone bigger. The studios will have to figure out how to get in that game, probably will. They've bought a few web series and tried to launch them on a bigger stage. It hasn't worked yet, but that's not to say it won't. Personally, I think the internet is more likely to destroy film school than Hollywood (whatever "Hollywood" is. Hollywood isn't a monolithic construct with only one way of doing things).