Major film studios


Major film studios are production and distribution companies that release a substantial number of films annually and consistently command a significant share of box office revenue in a given market. In the American and international markets, the major film studios, often known simply as the majors or the Big Five studios, are commonly regarded as the five diversified media conglomerates whose various film production and distribution subsidiaries collectively command approximately 80 to 85% of American box office revenue. The term may also be applied more specifically to the primary motion picture business subsidiary of each respective conglomerate.
Since the dawn of filmmaking, the major American film studios have dominated both American cinema and the global film industry. American studios have benefited from a strong first-mover advantage in that they were the first to industrialize filmmaking and master the art of mass-producing and distributing high-quality films with broad cross-cultural appeal. Today, the Big Five majors – Universal Pictures, Paramount Pictures, Warner Bros., Walt Disney Studios, and Sony Pictures – routinely distribute hundreds of films every year into all significant international markets. The majors enjoy "significant internal economies of scale" from their "extensive and efficient infrastructure," while it is "nearly impossible" for a film to reach a broad international theatrical audience without being first picked up by one of the majors for distribution. Today, all the Big Five major studios are also members of the Motion Picture Association and the Alliance of Motion Picture and Television Producers.

Overview

The current Big Five majors all originate from film studios that were active during Hollywood's Golden Age. Four of these were among that original era's Eight Majors, being that era's original Big Five plus its Little Three, collectively the eight film studios that controlled as much as 96% of the market during the 1930s and 1940s.
In addition to being members of today's Big Five, Paramount Pictures and Warner Bros. were also part of the original Big Five, along with RKO Pictures, Metro-Goldwyn-Mayer, and 20th Century Fox.
Universal Pictures was, during that early era, considered one of the Little Three, along with United Artists and Columbia Pictures. RKO went defunct in 1959, but was brought back by RKO General in 1978. United Artists began as a distribution company for several independent producers, later began producing its own films, and was eventually acquired by MGM in 1981. Columbia Pictures eventually merged in 1987 with Tri-Star Pictures to form Columbia Pictures Entertainment, now known as Sony Pictures Entertainment Inc.
During the Golden Age, Walt Disney Productions was an independent production company and not considered a "major studio" until 1984, when it joined 20th Century Fox, Columbia, Metro–Goldwyn–Mayer, Paramount, Universal, and Warner Bros. to comprise the Big Seven. The decay of MGM in 1986 led the studio to become a mini-major upon its sale in 1986, reducing the majors to the Big Six. In 1989, Sony acquired Columbia Pictures Entertainment, which became Sony Pictures Entertainment in 1991.
In 2019, Disney acquired Fox, reducing the majors to a new Big Five for the first time since Hollywood's Golden Age. Thus, Paramount and Warner are the only Golden Age Big Five members to remain as majors today with the same names, while 20th Century Studios continues to be a major under the ownership of Disney.
While the Big Five's main studio lots are located within of each other, Paramount is the only member of the Big Five still based in Hollywood and located entirely within the official city limits of the City of Los Angeles. Warner Bros. and Disney are both located in Burbank, while Universal is in the nearby unincorporated area Universal City, and Sony is in Culver City.
Disney is the only studio that has been owned by the same conglomerate since its founding. The offices of that parent entity are still located on Disney's studio lot and in the same building.
Meanwhile, Sony Pictures Motion Picture Group is a wholly owned subsidiary of Sony Pictures Entertainment, which is owned by Tokyo-based Sony Group Corporation and is the only US film studio owned by a foreign conglomerate. Universal, now owned by Philadelphia-based Comcast, was previously owned by foreign companies including Japan's Matsushita Electric, Canada's Seagram, and France's Vivendi in succession. Warner Bros. Pictures reports to a corporation headquartered in New York City — Warner Bros. Discovery. Paramount Pictures reports to a corporation headquartered in Hollywood — Paramount Skydance. Most of today's Big Five also control subsidiaries with their own distribution networks that concentrate on arthouse pictures or genre films ; several other specialty units were shut down or sold off between 2008 and 2010.
Outside of the Big Five, there are several smaller American production and distribution companies, known as independents or "indies". The leading independent producers and distributors such as Lionsgate Studios, the aforementioned Metro-Goldwyn-Mayer, A24, and STX Entertainment, are sometimes referred to as "mini-majors". From 1998 through 2005, during a portion of the Big Six period, DreamWorks SKG commanded a large enough market share to arguably qualify it as a seventh major. In 2006, DreamWorks was acquired by Viacom, Paramount's then-corporate parent. In late 2008, DreamWorks once again became an independent production company; its films were distributed by Disney's Touchstone Pictures until 2016, at which point distribution switched to Universal.
Today, the Big Five major studios are primarily financial backers and distributors of films whose actual production is largely handled by independent companies – either long-running entities or ones created for and dedicated to the making of a specific film. For example, Disney and Sony Pictures distribute their films through affiliated divisions, while the others function as both production and distribution companies. The specialty divisions often acquire distribution rights to films in which the studio has had no prior involvement. While the majors still do a modicum of true production, their activities are focused more in the areas of development, financing, marketing, and merchandising. Those business functions are still usually performed in or near Los Angeles, even though the runaway production phenomenon means that most films are now mostly or completely shot on location at places outside Los Angeles.
The Big Five major studios are also members of the Motion Picture Association and the Alliance of Motion Picture and Television Producers.

Majors

Current

Past

Other major film studios of the 20th century included:
"Instant major" is a 1960s coined term for a film company that seemingly overnight had approached the status of major." In 1967, three "instant major" studios popped up, two of which were partnered with a television network theatrical film unit, with the most lasting until 1973:
Mini-major studios are the larger, independent film production companies that are smaller than the major studios and attempt to compete directly with them.

Current

Past

Past mini-majors include:
  • 20th Century Pictures – merged with Fox Film after a fallout with United Artists to become 20th Century Fox in 1935.
  • Republic Pictures – originally a "poverty row" B-movie producer, produced many serials and was formed by the consolidation of six minor production companies in 1935. Ceased production in 1958. It was rebooted in 1985. Viacom then purchased it in the early 2000s.
  • Monogram Pictures/Allied Artists Pictures – filed for bankruptcy in 1979, acquired by Lorimar Productions in 1980. The current entertainment company, Allied Artists International, is considered the successor to AAP; library rights are currently split mostly between Amazon, Warner Bros. Discovery, and Paramount Skydance.
  • The Walt Disney Company/Walt Disney Studios – became a major studio in 1984.
  • Avco Embassy – acquired by Norman Lear and Jerry Perenchio in 1982; acquired by the Coca-Cola Company in 1985; its theatrical division was acquired by De Laurentiis Entertainment Group in 1985. Sony Pictures currently owns the television rights to most of the theatrical library and the logo, names, and trademarks through its ELP Communications subsidiary.
  • TriStar Pictures – consolidated in 1987 into Columbia, was one of the partners in the joint venture that created it.
  • Weintraub Entertainment Group – filed for bankruptcy in September 1990, resulting in the company folding up operations; the library is now owned by Sony Pictures, with Paramount Skydance owning television and streaming distribution rights.
  • Miramax Films – acquired by The Walt Disney Company in 1993, sold to Filmyard Holdings in 2010, then to beIN Media Group in 2016, which sold a 49% stake to ViacomCBS in 2020.
  • The Cannon Group – pushed into Chapter 11 bankruptcy in 1994.
  • Castle Rock Entertainment – purchased in 1993 by Turner Broadcasting System; TBS merged with Time Warner in 1996.
  • New Line Cinema – purchased in 1994 by Turner Broadcasting System; TBS merged with Time Warner in 1996; and New Line merged with Warner Bros. in 2008.
  • Turner Pictures – purchased along with Hanna-Barbera, Castle Rock Entertainment, New Line Cinema, and Turner Entertainment Co. in 1996 by Time Warner. Currently, Warner Bros. and its subsidiaries make cartoons and movies based on Hanna-Barbera characters.
  • New World Pictures – acquired by News Corporation in 1997. The content library is held under the film studio.
  • Regency Enterprises – had 20% acquired by 20th Century Fox as part of distribution deal in 1997.
  • Orion Pictures – in 1990, was considered the last of the mini-majors. Purchased in 1988 by Kluge/Metromedia; purchased in 1997 by MGM.
  • The Samuel Goldwyn Company – purchased in 1996 by John Kluge/Metromedia International, making it the sister studio to Orion; it was purchased in 1997 by MGM.
  • PolyGram Filmed Entertainment – sold to Seagram and folded into Universal Pictures in 1999; bulk of the pre-March 31, 1996, library sold to MGM.
  • Artisan Entertainment – purchased in 2003 by Lions Gate Entertainment.
  • DreamWorks Pictures – purchased by Viacom; then owners of both Paramount Pictures and CBS Corporation, in 2005; distributed the films from 2005 to 2011; reformed as an independent with The Walt Disney Company distributing the live-action films under their Touchstone Pictures banner until 2016; now a label after being reorganized as Amblin Partners, in which Universal Pictures and Lionsgate own their respective stakes.
  • Overture Films – distribution and marketing assets sold to Relativity Media in 2010; film library acquired by Lionsgate via its acquisition of Starz Inc. in December 2016
  • Summit Entertainment – acquired by Lionsgate in 2012.
  • FilmDistrict – merged into Focus Features in 2014; the library acquired by Content Partners LLC in December 2020.
  • Relativity Media – filed for Chapter 11 bankruptcy on July 30, 2015. Emerged from bankruptcy in 2016, only to re-file in May 2018, sold to UltraV Holdings
  • Alchemy – filed for Chapter 7 bankruptcy on June 30, 2016.
  • Revolution Studios – purchased by Content Partners LLC in 2017, focuses on distribution, remake, and sequel rights to its library following the end of its six-year deal with Sony Pictures Entertainment.
  • Global Road Entertainment – formerly Open Road Films, filed for Chapter 11 bankruptcy on September 6, 2018; by November 2018, it had reverted to Open Road, purchased by Raven Capital Management on approval as of December 19, 2018 by a Delaware bankruptcy judge.
  • The Weinstein Company – filed for Chapter 11 bankruptcy but was bought by Lantern Entertainment in 2018; assets were transferred to Spyglass Media Group, of which Warner Bros. Discovery, Lantern Entertainment, and Lionsgate, which currently hold distribution rights to most of the TWC library, own their respective stakes.
  • CBS Films – folded into the CBS Entertainment Group on October 11, 2019, and absorbed into CBS Studios to produce TV films for CBS All Access.
  • STX Entertainment – acquired by The Najafi Companies in 2021. Since then, it withdrew from the US distribution market.