Studios today account for less than 10% of their parent companies' profits, per Vanity Fair, and that number is expected to drop to around 5% by 2020. According to Variety, moviegoing audience was at its lowest levels in nearly a century last summer, with significant drop-off in millennial viewership.

Why it matters: In an increasingly saturated movie marketplace, studios have become incentivized to make sequels and build on pre-existing franchises, leaving streaming companies—- like Amazon and Netflix — to make investments on boutique, and often ground-breaking films. Earlier this year, Amazon became the first streaming company to own a film nominated for an Oscar best picture with Manchester by The Sea.

Winners: Amazon only launched their movies business a year ago, and this year they outbid the likes of Fox Searchlight and Universal at Sundance. In a major twist, Martin Scorsese's next big film, The Irishman, will be backed by Netflix, instead of a major studio.



Earlier this year, Sony


a $1 billion write-down on its movie business, just weeks after Sony entertainment president Michael Lynton announced he was stepping down after a 13-year run. Last week, Paramount Pictures Chairman Brad Grey left Viacom after 12 years, after the studio

lost $445 million

in FY 2016 due to box-office flops.

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Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences to the rush to replace the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
1 hour ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.