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The collapse of the old studio system in the 1960s gave way to the "New Hollywood" era, but the late 20th century saw an even more significant shift: the rise of the franchise. No longer content with standalone hits, studios realized the ultimate economic engine lay in intellectual property (IP). Disney, under CEO Bob Iger, perfected this model by acquiring Pixar, Marvel, Lucasfilm, and 20th Century Fox. Consequently, a single studio now governs the adventures of Woody and Buzz, the Infinity Saga of the Avengers, the Force-wielding heroes of Star Wars , and the animated princesses of a century. The production of a Marvel film like Avengers: Endgame is less a work of auteur cinema and more a feat of logistical choreography, managing hundreds of characters and connecting threads across a dozen previous films. The studio has transformed from a story-maker into a universe-builder, and fans reward this with billions of dollars in box office loyalty.