This has nothing to do with Netflix. Most television shows still get released on a week-by-week basis. It's more about the death of network television and proliferation of options. Everything is a paid service and people's subscriptions don't universally overlap. There is virtually nothing left that everyone watches (except the Super Bowl). No more Mash finales.

There's kind of still tentpole film releases, but Covid put a serious damper on that for a few years, and globally the market is splitting with China and India developing their own gigantic film industries equal to Hollywood.