Which film is a gritty story about a small Texas town on the brink of absolute extinction?

The 1971 film titled "The Last Picture Show" is a gritty story about a small Texas town on the brink of absolute extinction. High school seniors and best friends, Sonny (Timothy Bottoms) and Duane (Jeff Bridges) are living in a dying Texas town. The handsome Duane is dating local beauty, Jacy (Cybill Shepherd), while Sonny is having an affair with the coach's wife, Ruth (Cloris Leachman). As graduation nears, both boys are contemplating their futures. While Duane eyes the US Army and Sonny takes over a local business, each boy struggles to figure out if he can escape the dead-end town and build a better life somewhere else.

"The Last Picture Show" is a drama that was directed and co-written by Peter Bogdanovich. It was adapted from a semi-autobiographical 1966 novel "The Last Picture Show" by Larry McMurtry. The film's screenplay was written by McMurtry and Peter Bogdanovich. Stephen J. Friedman produced this film. Distribution was done by Columbia Pictures in October 1971.

The film was nominated for eight Academy Awards, including Best Picture, Best Director, Ben Johnson and Jeff Bridges for Best Supporting Actor, and Ellen Burstyn and Cloris Leachman for Best Supporting Actress, with Johnson and Leachman winning. The film earned $13.1 million in North America and grossed a worldwide total of $29.1 million at the box office, while its budget was $1.3 million.