Does classical music have a real future?

I'm interested in classical music as a hobby, and keep up with "the industry". I've been thinking about if/how classical music will continue to make sense economically in the coming decades.

First, recordings. It seems to me like CM recordings have already reached a sort of peak, to the point that further significant improvements aren't really possible. Countless high-quality recordings of all major works are widely available on Spotify/Youtube, so the "need" for a recording of a given Beethoven sonata or Haydn quartet has been filled many times over. New releases tend not to be markedly better than existing recordings (in my opinion)—certainly not so much better as to justify the enormous time and monetary investment that goes into making them. The "newness" element of popular music (popular music is always changing and reflects the zeitgeist/aesthetic of the age in which it is made) obviously doesn't apply to CM.

(Of course there is "modern" CM, but it generally does not catch on in any major way due to inaccessibility, being over-academic, not sounding very "nice", etc.)

Second, live performances. Live performances compete with an overwhelming range of entertainment options: Netflix, social media, Youtubers, Spotify, unlimited movies/documentaries for download, and of course all other "live" entertainment options from Broadway to Sleep No More to art jams. Do people value live classical music performances enough that they will choose them over these other options enough of the time? In my circles, I rarely see live classical music winning out over other options that require a lower activation energy and/or less money. It's easier and cheaper to download a movie to watch with your girlfriend on an average Friday night than to go to a concert. And if it is a good movie, it might provide enjoyment equal to or greater than that of a CM concert.

I don't particularly want to contribute to the doom and gloom narrative of classical music, but these are my genuine observations. If you disagree with them, or if I am missing something important, I would love to hear from you.

My broad question is: does classical music have a real economic future? Do people want this product enough?

Note: I'm not interested in the issue of CM bringing joy/value to the performers/practitioners—for this discussion I am specifically interested in the value of CM to consumers.