Hollywood Is Preparing to Sacrifice Movie Theaters

This week, a seismic shift hit the cinema industry. WarnerMedia, one of the world’s biggest movie studios, announced that all of its 2021 films, including blockbusters such as Dune and The Matrix 4, would debut on HBO Max and in theaters at the same time. Each movie would stream for one month before leaving the platform, an unusual arrangement seemingly geared toward giving subscribers a stream of new films, while also allowing movies to play in theaters. In a statement, WarnerMedia described this hybrid model as “a strategic response to...