Shares fell significantly for major film studios in the past year, with many attributing the decline to the rise of streaming services and a shift in consumer behavior. The industry's struggles have sparked concerns that movies as we know them could be on the verge of extinction.

Industry insiders point to the pandemic as a turning point, when movie theaters were forced to close and the traditional film-going experience was disrupted. "The pandemic was a wake-up call for the industry," said a studio executive, who wished to remain anonymous. "We were forced to adapt to a new reality, and it's clear that the old model isn't working anymore."

Theaters have been struggling to recover from the pandemic, with many facing crippling debt and declining attendance. Even with the reopening of theaters, moviegoers have been slow to return, with some opting for the convenience and affordability of streaming services. "Theaters are still trying to find their footing," said a film analyst. "But the writing is on the wall - consumers are changing the way they consume entertainment, and it's not just about movies."

The shift to streaming has been a major factor in the decline of the film industry. Services like Netflix and Disney+ have disrupted the traditional distribution model, allowing consumers to access a vast library of content from the comfort of their own homes. "Streaming has changed the game," said a film producer. "It's not just about releasing a movie in theaters - it's about creating a global brand that can reach audiences everywhere."

The impact of this shift is not just economic, but also cultural. Movies have long been a staple of popular culture, providing a shared experience for audiences around the world. But as the industry struggles to adapt to changing consumer behavior, the very notion of what a movie is may be evolving. "We're seeing a blurring of the lines between film and television," said a film critic. "The traditional movie-going experience is becoming less relevant, and that's a concern for many in the industry."

The current status of the film industry is uncertain, with many predicting a continued decline in box office revenue and a shift towards streaming. However, some industry insiders remain optimistic, pointing to the potential for innovation and growth in the sector. "The film industry has always been about adapting to change," said a studio executive. "We'll find a way to evolve and thrive in this new landscape."

Next developments in the industry are expected to come in the form of new business models and distribution strategies. Some studios are exploring the use of virtual reality and augmented reality to create immersive experiences, while others are investing in streaming services and online platforms. As the industry continues to evolve, one thing is clear - the traditional movie-going experience may be on the verge of extinction, but the art of storytelling will endure.