Here’s another essay about this by Patrick (H) Willems. It touches on other factors as the risk adverseness of theaters and producers. The death of the movie star, the high costs of CGI, the devalue of the cinema experience by way of Netflix straight to stream content, the rise of streaming in general, profiteering by executives, the raise in TV series budget, etc.

But quite pointedly, it touches on the fact that audiences have been trained for decades now to stay at home and not to request higher quality media. The emotional experience of “going out” to the movie theater, spending the evening engaging with an unknown novel narrative, trusting the director and the publisher to keep you entertained for a couple of hours is all gone. Mass marketing media has made it so that this experience is not possible anymore, so people have stopped requesting it. People only invest on blockbuster, $200MM+ mega productions. So they go to the theaters once or twice every year for those mega events. But people no longer go any random weekend to a theater just to see something that’s being played there regardless of mass marketing. It would take years to retrain audiences that such an offering exists and that they don’t have to hunt on streaming services or pirate movies just to emulate that random Saturday evening experience at home.