Will movie theaters survive the pandemic?

The movie theater industry, already struggling amid the coronavirus pandemic, was dealt another major blow on Dec. 3 when Warner Bros. announced that all of its 2021 releases would be made available for streaming on the same day they hit theaters.

The move from the world’s second-largest movie studio is the latest, and perhaps most drastic, attempt by production companies to shore up their business models with theaters across the country expected to remain closed or operating at limited capacity for at least the next several months.

Box-office revenue, which...