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The current market is lead by a handful of giants that account for the vast majority of global revenue. Walt Disney Studios

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The modern entertainment studio system was born in the 1920s-1940s, when studios owned both production facilities and theater chains. The 1948 Paramount Decree (U.S. v. Paramount Pictures, Inc.) ended vertical integration but inadvertently spurred a new model: synergy-driven conglomerates. By the 1990s, Disney had acquired ABC and ESPN; Warner merged with Time Inc. and later AT&T. Today, the “streaming wars” represent a new vertical integration, where studios own both the content and the direct-to-consumer digital platform. The current market is lead by a handful

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