How does CGI impact film in the age of digital media?

Firstly, in terms of production, CGI widens the possibilities on offer for the filmmaker and/or editor. They have the ability to create entire worlds and fully realise imaginary constructs , synthesising reality with hand-drawn or computer-generated animation. This has resulted in an abundance of genre films, ranging from science-fiction to fantasy, which are able to 'realistically' present their worlds to the audience. Adversely, those critical of CGI often cite how film has historically been defined by its 'indexical' relationship to reality, meaning that what is shown onscreen was once filmed on camera within true space and time. CGI blurs the lines of distinction between animated footage, constructed entirely on a computer, and 'indexical' footage, arguably subverting such indexical definitions of the medium. Films with a large amount of CGI can either use digital footage to perceptually appear more realistic or actively diverge from the constraints of realism.
CGI also impacts the consumption and exhibition processes of cinema. Viewers are able to differentiate between footage that they find is realistically integrated within the scene and that which stands out as 'fake' and produced on a computer. This makes contemporary viewing of big-budget blockbusters contingent upon a full viewer immersion into the film or scene, as films such as Gravity (2013, Alfonso Cuaron), Interstellar (2014, Christopher Nolan) and even as far back as Jurassic Park (1993, Stephen Spielberg) attempt to solicit an engagement of wonder and awe at the technological advancements of the filmmaker. Exhibition contexts are also effected by the proliferation of CGI, with the added viewing options of 3D and even 4DX (in some cinemas) aiding the immersive experience digital cinema aims to offer. However, one can also point to the ever-increasing trend of viewing CGI and blockbuster cinema on mobile devices, arguably lessening the impact that such sublime imagery intends to have. For more discussion on the impact of CGI on film production, consumption and exhibition, I would recommend reading Lev Manovich's The Language of New Media (2001), Stephen Princes' Digital Visual Effects in Cinema: The Seduction of Reality (2012) and Lisa Purse's Digital Imaging in Popular Cinema (2013).