This is, sadly true. I wrote a research paper dealing with this phenomenon and found that for the most part, it works both ways. There are plenty of films that are critically lauded and also box office winners (The Godfather, for example), while there are critically acclaimed box office busts (say, Raging Bull).
As for literature, it is rare for a writer to achieve critical acclaim while also appealing to a wide audience. The most prominent example of this is probably Byron.



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