There is no question that the pandemic has put the damper on the movie theaters but , in the scheme of things , has television become bigger and more important than cinema?
Interesting question
From a technological perspective, TV has caught up to and even overtaken cinema - TV screens are huge, dolby and other cinema-quality audio streams are available, and straming bandwidth and/or bluray allows for the delivery of better picture quality.
From the social perspective - TV offers greater flexibility in timeshifting, pausing, rewinding to catch a missed piece of dialogue. Theatre's main advantage is the "experience", which other than seeing a picture in a crowd, is also being improved upon by consumers watching TV at home.
From a content perspective - Theatre's exclusivity window keeps shrinking. So movies can be enjoyed at home sooner. As per the quality difference between movies and TV shows, that's been dwindling for some time. For me, HBO's Rome was the first indication that TV could supplant movies as the home of epic storytelling. I think many studios are coming around to the idea that serialized TV is a better format than movies. Look at how characters like Jack Ryan are migrating from movie releases to TV seasons. Marvel's various forays into TV series have shown them that the format was viable for something cinematic like WandaVision.
From a cost perspective: Taking a family to the movie theatre twice a month could easily set you back $100. How many streaming services (with massive libraries) could you sign up to for the cost of taking your family to see those two movies?
So for consumers, I think the shift from movie theatres to home theatre experience is inevitable. And I thnk studios realize it and are planning accordingly. If any of you are old enough to remember theatres before the megaplex concept, then you know that theatres have been losing audience for a long time and have been trying to reinvent the traditional experience.
Will theatres disappear completely? Probably not, but I would expect they'll end up more like the DVD-bongs that thrived in Korea in the early 2000's - a small room that you rented to view a movie with a hand-chosen audience. Mass capacity mix-and-mingle theatres may be preserved for special premiers, or they may just be victims of technology.