The real problem with Hollywood's attitude is that they're like the banking institutions. Banks should, by all rights, merely be a service industry that doesn't have the power it does. But they found a way to spin just storing people's money, into skimming craploads of profit to turn themselves into an empire.
Similarly, the entertainment industry by and large, is a bunch of middlemen between content creators and the audience. Rather than accept their relatively humble role, they've used the control they've had of media to build a gold-plated empire with massive reach and clout.
Their success is built entirely on how well they can gate content and exaggerate profitability from it. In a sense, it is logical for them to fear what's happening. It represents the end of everything they've carefully cultivated and they can't be sure that the new business models will provide them with the same degree of profit and control.
They're middle men who are being squeezed hard by reality.