Cinema as the high form of popular theater art is done - for better or for worse - just like vaudeville et al. before it.
The new form is the epic, original, streaming TV mini-series - some of which are good enough to be considered very long movies.
As much as I also bemoan the disappearance of an endless stream of great popular cinema, something new and interesting and evolving has taken its place. And cinema will continue to exist in a niche, just like vaudeville and theatre still do today.