Physical media was a cash cow for movie studios, who could sell a single film to the same consumer multiple times. Let’s say you loved The Lion King in a world before streaming: you might be paying Disney for a movie ticket, a VHS tape, a DVD, a Blu-ray, and now a 4K disc. That’s at least $100 of Lion King spending. Many films enjoyed active second lives on DVD and VHS, with hit titles grossing over $500M in additional revenue for Hollywood studios.
Source: The Rise, Fall, and (Slight) Rise of DVDs: A Statistical Analysis