Yes, at least the "modern" version. I was referring to the fact that the genres of film that, up until then, had been low-budget "B" material -- aimed at kids and teenagers, and shown at "side-street" or drive-in theaters -- science fiction, superhero, monster movies, and the like -- began to replace "grown-up" prestige pictures -- the traditional bigger-budget "A" films.
It's not often remembered that
Star Wars wasn't expected to do well, so that it was given its initial release in a very limited number of theaters. IIRC the studio had to scramble to produce more copies to cope with the surprising demand.
For the past several decades, it's finding "adult" movies that presents the challenge.