I was thinking about this earlier, and what will I watch for the foreseeable future if this happens.....guess YouTube content will get a huge bump if there are no more TV shows or movies to watch.
The last strike brought us some really fantastic content, such as Dr Horribles Sing-a-long Blog and The Guild. I imagine we'll see a resurgence of creator-driven projects that are directly supported by audiences.
In today's world with tools like Patreon available, I suspect writers and actors can invent income streams outside of the Hollywood studio complex.