Are we the "New Hollywood"?

With costs decreasing in camera and editing equipment for the average consumer, we are now able to become our own indie filmmaker.
I found an article by Marc Davis writtin in 1997 discussing "Garage Cinema" and the "New Hollywood" which is Hollywood and Sillicon Valley merging forces. Davis' ultimate dream is that the average consumer could have access to stock footage to implement in film which would cut the costs of producing a film. The whole article is an interesting look on the future of cinema and the consumer.
Take a look:
http://garage.sims.berkeley.edu/pubs/pdf/pdf_599AB179-D346-4374-8F0AE11D9D76EBEF.pdf