From KCRW, I'm Kim Masters, and this is The Business.

Barry Diller, who made his name as a powerful studio boss,

recently told NPR that the movie business is over.

Expanding on those views, the legendary mogul tells us why,

with the rise of streaming and the pandemic,

Hollywood will never go back to the way things were.

I don't know anyone who thinks there'll be the number of theaters or, let's say,

optimistically, 50% of theaters, I think there'll be 10% of the theaters worldwide in a few years.

In the first of a two-part conversation, Diller, now the chairman of the online empire IAC,

weighs in on a transforming industry. But first,

we banter. Stick around. It's the business from KCRW.

I am joined by my associate in banter, Matt Bellany. Hello, Matt.

Hi there.

So we have had some results from the companies from their latest quarter, the big companies,

and what we saw from Netflix was some erosion.

And what we saw from HBO Max was what seems like some pretty good news.

Yeah, it's interesting.

This past earnings week. We saw that

Netflix actually lost about 400,000 subscribers in the U.S. They slightly gained subscribers overall,

counting the world. They're up to about 209 million, which is enormous still. But at the same time,

HBO Max added about 2.8 million subscribers, which is great for a much smaller service.

So we're seeing in this kind of realignment in the momentum of these streaming services.

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