Theaters have been around for thousands of years. Now they have to compete with many more options than when they shifted to motion pictures from plays, concerts, and vaudeville. Just as they did in the past, they'll have to evolve.

At some point in time, executives from all major content creation companies will have to accept the fact that times and tastes change. Convenience is top of mind for consumers, and streaming provides that at a very low cost.

We're now living in a balkanized, fractured marketplace. Hope for the next billion-dollar movie is once again lightning in a bottle and not a sure thing. No one expected Barbie.

One thing missing from the excellent assessment here is the impact of Wall Street on entertainment companies. Money drives Hollywood, not creative aspirations.