It'll be interesting to see what solutions are proposed or tested. There's two forces at work here, of course, the theaters business and the awards qualification criteria. Netflix isn't making multiplex blockbusters, they're making mid-budget adult fare - classic awards bait. They want to show their films in theaters not only to appease their filmmakers but to qualify for awards. Disney is a different beast, and you've got to imagine they're happy to milk as much money as they can from their IP - both in theaters, and Disney+, and countless special edition blu ray releases. The theatre model does need to change, but it absolutely can survive. They just need a major shift to satisfy what their customers want. Likewise, maybe awards qualification standards need an overhaul - each studio submits a limited quota of films for consideration, theatrical release be damned, perhaps something similar to how different countries submit for the international Oscar?
He held on. The dolphin and all the rest of its pod turned and swam out to sea, and still he held on. This is it, he thought. Then he remembered that they were air-breathers too. It was going to be all right.