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In the early 20th century, the operated through vertical integration, where a handful of companies controlled every stage of a film's life—from production and talent contracts to distribution and theater ownership. This "Golden Age" established many of the genres we recognize today, such as musicals and screwball comedies.

Several "legacy" studios continue to dominate the global box office by leveraging massive intellectual property (IP) and franchises: In the early 20th century, the operated through

Today, the role of a major film studio has shifted; they act primarily as , managing massive budgets and global marketing campaigns to ensure profitability in an increasingly competitive market. Major Studios and Iconic Productions In the early 20th century