I'm sure there's data out there that can prove me right or wrong, but I approach this the same way I approach the complaints from record companies about downloading: sounds like a scapegoat excuse for larger/deeper problems that have finally come home to roost.
I LOVE watching movies in theaters; it's an event, you get a nice comfy chair, someone else making you popcorn, great sound, immersive visuals... and yet I'm lucky if I go once or twice a year. It's expensive, it's a hassle, it's annoying (cell phones, talkers, walkers) and I just would rather stay home. The movie theaters are not losing me because of COVID, just like record companies aren't losing me because of downloading (I just buy my CDs direct, or through eBay, pawn shops or Discogs, at about 20% of the list price). I understand that there are artists on the other end, and I feel bad about that, but I also know there is a middle man in there that isn't really bringing value beyond scale.