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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

52 mins ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.

Former Georgetown tennis coach pleads guilty to accepting admissions bribes

Gordon Ernst (left) former head tennis coach at Georgetown, outside a courthouse in Boston in 2019. Photo: Jessica Rinaldi/The Boston Globe via Getty Images

A former Georgetown University head tennis coach has pleaded guilty Tuesday to bribery charges related to facilitating the admission of prospective applicants.

Why it matters: Gordon Ernst solicited and accepted bribes from William Singer, ringleader of the cheating scheme uncovered by Operation Varsity Blues, and families in exchange for helping prospective applicants get into Georgetown as student athletes, according to the Justice Department.

4 hours ago - Health

CDC says some immunocompromised people can get fourth COVID shot

Photo: Noriko Hayashi/Bloomberg via Getty Images

The Centers for Disease Control and Prevention said in updated guidelines Tuesday that some immunocompromised people who have received either Pfizer or Moderna's COVID-19 vaccines will be able to get a fourth shot.

Details: People over 18 who are "moderately to severely immunocompromised" and have received three doses of an mRNA vaccine may get a fourth shot (of either the Pfizer, Moderna, or Johnson & Johnson vaccines) at least six months after getting their third Pfizer or Moderna dose, per the CDC.