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What it boils down to for studios

is that the optimistic date for when theaters get back to normal is around Thankgsiving. July's gonna get better with actual releases, but it's gonna drag for a while until people get back in the habit of things. Godzilla's been the big theatrical success of the pandemic and it's not gonna hit 100M. As much as people think they should have just held all their powder dry for two years (people thought it was last September that it was going to be over, remember), these are publicly traded companies that can't sit on two years of no revenue for very expensive financed projects. Delaying big projects for that long guarantees you can't turn a profit. And Disney has other plans - the TV stuff has been an enormous hit and has driven subscriptions and built up the MCU for when it does get back in gear. There's also been a sea change, and it's likely we never get back to 100% of what was.

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