This is a very interesting period right now for the old guard in Hollywood. The Oscars over the last few years is the manifestation of a dying, flopping beast. It is the end of an era brought to that by the streaming subscription services such as Netflix and new players not yet in evidence. The model for filmmaking is a completely at risk proposition. Simplified, a pitch is made for a film and a studio agrees to do it (make it, buy it, or distribute it). It's then promoted during production, dumped into theaters, and they hope people will come see it so they turn a profit. And then the film underperforms. My old boss always said "Hope is not a plan.".
Netflix OTOH has you for $8-14 a month, about 100 million of us. They get instant feedback on everything within their catalog. How many watch it, did they binge watch, did they skip over it, did they start it, stop, then restart and binge, and so on. They can slice the data pie anyway they want to quantify whether or not they should do more or less of anything they offer. And this is all in front of user ratings (thumbs up / thumbs down button) which would affirm anything their algorithm spits out. I'd have to believe in the US at least that Netflix cuts a fairly wide swath through society and that drives their programming. Their programming in turn drives their subscriptions, and more subscribers adds even more data, which development of new shows, movies, & specials mines. How does Hollywood compete with that?
/short answer, they can't...put a fork in it.