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.

Go deeper

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
10 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.