Nope.
Its gonna replace/kill physical format not theaters. for big movies and big studios out there, movies would get a theaterical release first before it heads to streaming sites/apps.
Unless technology gets so advanced and people would have a screen as big as a theater screen and a theater sound systeminstantly then okay. But thats unrealistic.
But even in the music industry, there are companies that still releases albums in vinyl and cassette in the streaming era of music. Physical format for movies is already unavailable in my country which is really sad. But America, Europe,first world countries, there would be a market for blu rays for years to come.
Side note, I wish before streaming took off, I wish there was another physical format that replaced cds and blu-rays as I feel like discs still need to be taken care off, like you always need to put them inside the disc/blu ray case not to collect dust and get scratches and there are sensitive to sunlight. Like in my head, I imaginw a futuristic physical format would be like a rectangled shape card and you just put in top of the player (like charging a cellphone) or slide it like a credit card and the film/music would instantly play.