I daresay a good part of the readership here would have trouble imaging that to watch non-live TV shows you had to be sitting in front of a TV at a particular time and if you missed it, that might be it.
Just one reason you mostly couldn't do heavily serialized TV. You could pull it off for a heavily promoted miniseries or limited run series. But, by and large, shows where missing an episode meant you were lost, just wouldn't fly in general.
It is very funny having to explain to people why shows like "star trek: the next generation" basically had to reset everything by the end of the episode back into it's original state in order for syndication to work (episodes are basically played in any order aside from the few 2-parter episodes).
And, yes, syndication was a significant revenue stream that basically didn't work unless you could randomly drop into a Law and Order episode or pretty much any sitcom.
These days, whatever preferences some people may have for seeing films in a theater with an audience, attendance has dwindled to very few.
Movie buffs, especially in big cities, will still have repertory/revival showings of old films. But that's a different market -- they're not looking to see an old movie, they're looking to see that movie in a communal environment, and sometimes with additional features like a discussion panel afterwards.
Soap Operas had been managing to do this for decades before B5 showed up (although yeah, B5 did it a lot better)