T - Diller: Streaming has killed the movie business as we know it

Kevin Dietsch/Getty Images News It's the annual Sun Valley Conference from Allen & Co. - meaning the aggregate income of Sun Valley, Idaho, has been temporarily boosted by several billionaires there to talk deals - and the quotable Barry Diller is on hand to weigh in on the state of media. "The movie business is over," he tells NPR. "The movie business as before is finished and will never come back." Diller - now an Internet leader at IAC/InterActiveCorp ([[IAC]] +1.1%) - once led studios including Paramount and Fox. That came during a time when movies were a lucrative and somewhat predictable business. But all that's changed with the advent of streaming, accelerated by trends blowing up in the COVID-19 pandemic. Billions of dollar have been flowing into creating content for streaming: Netflix ([[NFLX]] +0.9%) will spend more than $17B this year on content, up from nearly $12B last year. But that's

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Diller: Streaming has killed the movie business as we know it