I confess I don't know what you are saying here. :(
I should also ack that I do actually subscribe to some twitch channels. I have no problem saying that these things are growing. Most evidence I am seeing shows not that they will supplant the old guard movies, but will grow along side them.
This is not much different to video games as entertainment. I remember concerns that they would somehow replace physical sports. If that is still a concern, it is hard to take seriously. Traditional sports have continued to grow to unheard of sizes.
Does this mean that hollywood and the like have nothing to fear? Not really. But licensing on movies and broadcasts being what they are, they have quite a moat on things.