Major studios burned down their existing businesses to try and jump into the streaming space
It sure seems like streaming burned down their existing businesses by its mere existence, not that they did it to themselves by abandoning their existing businesses, unless we're talking about a bell that just can't be unrung. People stopped going to the movie theaters in the same numbers they used to of their own accord. After all, if our TVs are almost as good as the movie theater, but we can watch the same thing for a tiny fraction of the price, with the ability to pause it and not have to deal with people talking over it, a lot of reasons to go to the theater just evaporated.