If the 20th century belonged to theatrical release windows, the 21st century belongs to the algorithm. The streaming wars have birthed a new class of "popular entertainment studios" that answer to the stock market, not the box office.

The old studio system collapsed in the late 60s due to antitrust rulings (forcing them to sell their theaters) and changing cultural tides.

The Rise of the Auteurs A new generation of filmmakers took over. Studios, desperate for hits, gave young directors creative freedom.

The Birth of the Modern Blockbuster Two films in the mid-70s changed the business model forever.

The Merger Era The 80s saw the rise of corporate Hollywood. Studios were no longer family businesses but assets for conglomerates.

While the giants fight over superheroes and Star Wars, two smaller studios have defined "popular entertainment" by doing the opposite: taking massive risks.