The problem with art in the modern era--music, film, television, etc--is that it has become so highly commodified that there is little room for expression.
In other words, the priority has become the profit, and not the art. So instead of making something for the sake of making something great and then profiting off it, they do market studies and appeal to the masses.
In essence, everything made these days is more or less part of pop culture, and pop culture is absolute shit. Growing up, I always felt there was a healthy divide between "pop" and other areas. For example, Britney Spears was pop...Mariah Carey was pop...NIN and Nirvana, despite being popular, were not pop.
The only reason folks like Tarantino and other (frankly old or aging) filmmakers can say things like this is because they have enough clout that studios will take mild risks on their projects because their name brings a guaranteed amount of money.
Just my $0.02.
*As a follow up, I don't think movies are terrible these days. I don't think we are living in one of the worst eras of filmmaking. I think those are the ramblings of old men.
Movies today are great. We get stuff like Hereditary, as others have pointed out. We've seen the horror genre go from campy to comedy to something that can be taken really serious. We have great writers with a lot to say. We have a lot of folks still championing practical effects instead of CGI. We get movies like The Lighthouse, The VVitch, Gran Torino, and so on and so forth.
I think what Tarantino doesn't like is the success the "garbage" gets, and a lot of good films get shot in the crossfire when he issues a blanket statement like that. There are a lot of good movies, you just need to look for them.
Also let's not forget we've seen a transition of movies to series, and there are some truly excellent series out there every bit as good as big budget movies.
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