Major US film studio Warner Brothers has announced it will release all of its new movies next year in theaters and streaming on the same day.
The move is sending shockwaves through the entertainment industry, with theater operators already seeing their share prices plummet.
The studio’s 2021 slate includes new Wonder Woman and Matrix titles that were expected to be big box office draws.
They will now be available on the HBO Max streaming service in the US upon theatrical release.
Warner Brothers says simultaneous release will help offset the expected decline in box office sales.
But the move is having a catastrophic effect on theater companies.
Major operator AMC Entertainment has seen its shares fall more than 15 percent since the announcement.
The pandemic has devastated the industry, with most theaters in major cities like New York and Los Angeles forced to close.
And some experts say the move toward streaming could be the final nail in the coffin for some operators.