It depends. I've been looking a lot into this lately. There is still a middle market for video games. It's more difficult than it used to be to get noticed in that space, but it's far from impossible. Here's a GDC video about a small studio who created a downhill biking game that made $250k in revenue.
Movies and TV yes (there's ample research to show it actually rots your brain). Books, no. There's also ample research to show it has several benefits, even if you're reading trash. The medium is the message, as Marshal McLuhan would say.
https://www.youtube.com/watch?v=IWRu3RRqQmY