I think that most people would agree that the vast majority of
blockbusters don't have much artistic value, and that you are more
likely to find it in lesser-known films. Despite this, blockbusters are
immensely successful. Why?
More generally, there are a lot of domains for which you have
well-known, popular, and not really outstanding solutions, and
lesser-known, potentially outstanding solutions. (Think going to
McDonalds or Starbucks vs going to that original little restaurant next
street.)
There are other contexts in which the most popular solution is worse
than alternatives and where this fact can be accounted for by inertia
and migration costs. Windows vs Linux, Qwerty vs dvorak, and so on. But
this doesn't work here, because there are no migration costs.
Another explanation is people's unwillingness to take risks. Original
movies can be outstanding, but they can also be horrible, whereas
blockbusters are usually neither good nor bad. This is probably a factor
which accounts for part of the phenomenon.
However, I would like to propose an additional, different
explanation, which works for any choices which are made by groups of
people, and which is totally independant from the relative merits of the
different solutions. My point is that some solutions are sufficiently
popular to be canonical in the sense that choosing them isn't even
perceived as a choice anymore, whereas choosing something else is
perceived as a deliberate choice. From this, it follows that if you
decide to go see a canonical solution, it can be either good or bad, but
if it is bad, you won't come out as having made the wrong choice: the
film was bad, period. Whereas if you choose something original, it can
be either good or bad, and if it is bad, you are sure to carry the
responsibility of having made the wrong choice.
To summarize: popular choices stay popular because people are
unwilling to take the risk of choosing something else and being wrong.
(This is not the same thing as being unwilling to take the risk
of being disappointed.)
This also explains the fact that TV is still popular even though
being unable to choose precisely what you will watch and when you will
watch it really sucks. Choosing something else to watch
requires you to make a choice, expose your tastes, and take risks,
whereas no one will blame you if you chose the canonical solution of
"watching TV" no matter how bad it turns out to be.
A more cynical way of seing things is the following: canonical
choices, no matter their quality, give people something to comment on
and to talk about. It is socially consensual to go to the canonical
solution and criticize it, whereas it is risky to take the initiative to
pick something original. In fact, you can comment on the canonical
choices more freely precisely because they are canonical: saying that
you found some given blockbuster boring won't offend anyone because
there was no real choice involved in deciding to go and see it, whereas
saying that you didn't enjoy something which someone really chose to see
won't really be nice to that person (because he either finds it interesting
and wanted to share, or thought that it could be interesting and turned
out to be wrong).