Globalisation seems to be more of a "culprit": once upon a time, a country's local cultural production had a semi-captive audience (there was less foreign content and less of it moved from the original country to others, leaving more room for local production) and a much easier time competing (lower budgets, lower technological finesse and lower economies of scale all around).
Today, there's more high-production-quality quickly-available content than ever, between more people being able to consume anglo content directly and home-grown sub scenes, international mostly-anglo content is easier than ever to access for individuals, and going the other way it's much harder for local content to break international markets because the accessibility is much lower the other way around, which means it's harder for local content to recoup the same production budgets.