Piracy. At International market studios releases movies for select hotels. But they get leaked. You can see leaked version of movies in HD print coming with hardcoded Korean subtitles. Cam print leaks at same day. Most people avoid it to because of terrible grainy quality. Now imagine same releasing in 4K. Will anyone bother going to theatres?
IMO studios needs to have a 50-50 strategy where one movie releases at theatres and second releases on OTT sites to cater to all audiences.