Barry Diller declares the movie industry dead, 'will never come back': report
Movie theaters nationwide struggle to make post-pandemic comeback
Theaters slowly begin to reopen after COVID shutdowns; Fox News’ Stephanie Bennett reports
The coronavirus pandemic shut down movie theaters worldwide and there has been much debate about whether the industry will come back from its 15-month hibernation, but IAC Chairman Barry Diller seemed to lay the argument to rest Friday, telling NPR that the business as he knows it is dead.
"The movie business is over," Diller told the news outlet at the Allen & Company Sun Valley Conference in Idaho. "The movie business as before is finished and will never come back."
The box office market in the United States and Canada fell 80% last year to just $2.2 billion as the pandemic shuttered theaters, halted production and delayed releases, according to the Motion Picture Association's annual THEME report.
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Diller, who headed Paramount Pictures and 20th Century Fox for decades, told NPR Friday that the pandemic seemed to just accelerate a trend that was already happening as digital streaming services eat up a larger share of the industry.
"I used to be in the movie business where you made something really because you cared about it," Diller told the news outlet. "These streaming services have been making something that they call ‘movies’ … They ain't movies. They are some weird algorithmic process that has created things that last 100 minutes or so."