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Illustration: Aïda Amer/Axios

Streaming companies are taking over as dominant players in film and television, forcing traditional entertainment companies to invest more.

Driving the news: Broadcast networks were shut out of Golden Globe nominations yesterday, while Netflix received 17 nominations for its TV hits.

  • Premium cable networks, like Showtime and HBO, which typically dominate nominations, also received fewer combined nominations than Netflix.

Yes, but: The Golden Globes will still air on NBC, a broadcast network.

  • That's because broadcast networks are still the most reliable places that award show creators, sports leagues and news producers can find a reliable live audience.
  • That's why TV advertising continues to command higher rates, according to a new report from ad-buying agency MAGNA.

Cable networks, which can't be accessed "over the air" through free TV antennas, are much more susceptible than broadcast channels to the viewership declines from cord-cutting.

  • Case-in-point: NBA ratings are falling heavily this season compared to their NFL counterparts. NBA games air mostly on cable, while NFL games air mostly on broadcast.

Be smart: Measurement still needs to be sorted out for streaming.

  • Part of why advertisers are still willing to invest heavily is they can reliable measure TV consumption across networks via Nielsen ratings, but streaming is proving much harder to measure.
  • Nielsen debuted streaming ratings last year.
  • At first, Netflix denounced them. But signs show that they are warming up to the idea of having a reputable third-party measure the success of their content against their competitors.
  • Nielsen said last week that Netflix's new hit movie "The Irishman" was streamed by 17 million in the U.S. in the first 5 days. Netflix didn't outwardly dispute the stat.

Between the lines: It will be hard for a company like Nielsen, which measures a sample of households only in the U.S., to paint a perfect picture of Netflix's total audience, which is mostly international.

The big picture: Many of the traditional TV networks and film studios will have to wait some time before they see any of their investments pay off.

  • For example, Comcast CFO Michael Cavanagh said at an investor conference Monday that Comcast/NBCUniversal's new streaming service Peacock could be break-even in five years .

At the box office, film studios are investing more in major franchises that tend to wade heavily into action and adventure franchises, which are better experienced in a big-screen theater,

  • Disney, which has invested in expanding its franchise portfolio in the past few years, raked in more than $10 billion this year in box office sales, a new record.

Go deeper:

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

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Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.