I think the Internet and better home theater systems was always going to kill movie theaters eventually, but studios have sure helped it along by intentionally putting their movies on streaming services sooner and making awful decisions about which writers, directors and actors to hire to make terrible movies.
Quentin Tarantino was right in saying that movie theaters became popular because they were the average man's entertainment, since they were recorded unlike live theater/concerts you could get a bunch of showings in per day and people could even just show up at the theater when they had some time and pick a movie that was about to start. It also isn't as expensive as live entertainment. VHS and home movies didn't kill them right away because home entertainment systems weren't anywhere close to a movie theater experience at that point, but the reality now is that home theaters can be really good for decent prices considering you own it, and can play whatever movies/shows you want whenever you want, compared to a movie theater which is now so expensive you aren't going to show up except for stuff that you're really sure is going to be good in IMAX (which means even more expensive tickets).
Some well-run and well-located movie theaters might find sustainable ways to continue operating, but it's not going to be from playing new Hollywood movies. The strategy is probably going to be to cultivate a smaller but more dedicated customer base willing to pay some extra money for stuff like themed LOTR all day watch parties.