There are technologies that are not in the home yet. I have yet to see a three-D movie and know there are a number of processes. One used for the Hobbit film used a faster refresh rate (just as IMAX films use faster frame rates) and that would be a unique viewing experience.
I went to the final Python performance but that was a live event. In the past I've been to a screening of a concert video (often scheduled about a month before the DVD release for Coachella or Ladies & Gentlemen The Rolling Stones).
I go see a movie in the theater when I get a free pass (maybe once every year or two) or sometimes a revival/repertoire screening at a museum on actual film).
I’m not familiar with the technology involved.
I think a lot of people prefer to watch in the comfort of their home rather than be surrounded by hordes of strangers that look & speak less and less like them. They can pause it, watch it multiple times, share it, etc. - at a fraction of the cost, and eating whatever they’d like.
Theaters probably still have a small niche with young people, but I wouldn’t think it is large enough for constructing the large multiplexes. I rarely go, but a movie like “Saving Private Ryan” (where it literally sounds like bullets are whizzing past you with the surround-sound) was definitely worth seeing in a theater.