Barry Diller made his name in the film industry as the chairman and CEO of two Hollywood studios, Paramount Pictures and what was then 20th Century Fox. Now, he is declaring the industry dead.
"The movie business is over," Diller said in an exclusive interview with NPR on the sidelines of the Allen & Company Sun Valley Conference, a media and technology conference in Idaho. "The movie business as before is finished and will never come back."
Yes, that has to do with a substantial decline in ticket sales and the closure of movie theaters during the coronavirus pandemic. But Diller, the chairman and senior executive of IAC, a company that owns Internet properties, said, "It is much more than that."
According to Diller, who ran Paramount and Fox several decades ago, streaming has altered the film industry in substantial ways, including the quality of movies now being made.