Not at all. Sure, they still have impact, but definitely not as much as they did decades ago.
Marketers have gotten clever and can spin reviews to turn even the most negative into their favor. Anyone remember the ads for GREASE after it opened to mostly negative reviewed? They listed the quote "The one that I want!" over and over again with all the publications quoting it.
"The Spectacle has, indeed, an emotional attraction of its own, but, of all the parts, it is the least artistic, and connected least with the art of poetry. For the power of Tragedy, we may be sure, is felt even apart from representation and actors. Besides, the production of spectacular effects depends more on the art of the stage machinist than on that of the poet."
--Aristotle