The change started happening slowly in the late 1990s, but at this point I’d say that the change has happened and we’re in a golden age of television. In the 1990s, TV was seen as a step down from movies in terms of cultural prestige, but nowadays we have A-list actors starring in TV shows with budgets over $10M per episode. The formats for TV shows have changed, too, and you’re much more likely to see TV shows written as six-episode or eight-episode seasons. They can be much more like a big, long movie, rather than a short TV show.
(Of course, the UK has produced six-episode TV series since forever.)
Still, I recently rewatched a few episodes of Siskel and Ebert, and it made me a bit sad to think about just how many movies were coming out every year during the 1990s, and remember being excited to go to the theater. Rewatching some 1990s movies, there are shots that just don’t have the right impact in typical home theaters.