I don’t think that’s entirely true though. It’s quite possible that studios have seen the change, but have taken it on board then done a Spinal Tap and turned it up to 11, which is not appealing to many.
Having said that, without asking every single person why, it’s hard to make broad brush assumptions as to why they aren’t going to cinemas like they used to. Here in the UK the interest rate rises and inflation will have a huge impact on whether people are willing to pay the prices of cinema tickets when their food, fuel, mortgages/rent etc are more important.