I think it's good to keep in mind right now that the movies aren't being moved out of theaters as soon as they're put on PVOD. Consumers still have a choice to go to theaters or do SVOD or PVOD or what have you.
If there's one good bit of news to come out of Covid for theaters, it's that PVOD revenue doesn't seem to cannibalize theatrical revenue that much. The Croods: A New Age has been getting some of the best legs of the pandemic, with it regularly outperforming other movies even after it hit video on demand [
source 1,
2,
3]. Stuff like
Promising Young Woman and even
News of the World are seeing similarly high legs, while genre movies like
Come Play are getting high-for-horror legs. People want to go to theaters, even when they have the PVOD option.