I'm sorry but this is a load of bull and it's a sentiment that people have been relaying for centuries and it's always ignorant. "This generation's _____ lacks substance but look at ____ and ____ from the past generation and how great it was!"
You can look back on any time period and point out the best of entertainment, just like you can pick out the worst. There was as many awful actors, movies and music when the Godfather was released as there is now, and there is just as much great entertainment being put out right now.
Just because YOU haven't looked past top-40 music and the most popular movies doesn't mean great ones don't exist, and just because YOU only point out the highlights of past entertainment doesn't mean the shitty stuff went away.
This is a ridiculous way of thinking.