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: Pioneered the "binge-watch" model with original productions like Stranger Things and Squid Game , focusing on high-volume, globalized content.

As the 20th century transitioned into the 21st, the definition of a "studio" and a "production" underwent a radical metamorphosis driven by the concept of Intellectual Property (IP). Today, the success of major studios is rarely predicated on single, standalone films. Instead, the industry is dominated by the "franchise model" and the cinematic universe. The Walt Disney Company’s acquisition of Marvel and Lucasfilm serves as the quintessential example of this shift. Productions are no longer isolated events; they are interconnected nodes in a vast narrative web. This shift has changed how studios operate: they are no longer just financiers and distributors, but stewards of long-term narrative ecosystems. This focus on IP has led to unprecedented financial stability for studios, allowing them to mitigate the risks of box office flops through the guaranteed revenue of established fanbases.