Relevance of In-flight entertainment

Airlines (esp the luxury ones) spend more than 4 million Dollars to fit the aircraft with all the entertainment/connectivity equipment. This boils down to about 15,000 USD per passenger.
My question is that if my laptop/smart phone/ipod/portable dvd player has everything that I need, then why should I pay for the airline’s system? The airline’s selection of movie/songs does not match my taste, their games are primitive and airline does not have a Microsoft office to help me prepare for my next meeting. Even if it is not, then the system is too old, bulky and cumbersome to be of any use.
Do you think all the airline should do is provide me with a simple AC/electricity charging port and an Wi-Fi connection or should they continue to invest in their costly system.

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