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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

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.

Mike Allen, author of AM
3 hours ago - Politics & Policy

Third Way: "Big Lie" could become "Big Coup"

Graphic: Third Way

Third Way, the center-left think tank, is urging fellow Democrats to respond to the Capitol riot with "the size, scope, and seriousness of a presidential campaign," co-founder Matt Bennett tells me.

Driving the news: "For the first time in U.S. history, a party must mount two parallel presidential campaigns: one to win the election, and the other to prevent its theft," Bennett said, calling this "a Paul Revere moment."