Arnold isn't relevant for this decade, it's costume superheroes
His career peaked with T2: Judgement Day. He hasn't had a movie achieve anywhere near the level of success as that 1991 blockbuster. So what is the explanation for the paradigm shift? Costume superheroes and ageism. If it isn't Marvel or DC, action fans today aren't interested. Or they think the Austrian Oak is too old now. Sad state of affairs, regardless.
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