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This paper examines the operational duality of modern popular entertainment studios. While the “Golden Age” studio system relied on vertical integration and star power, the contemporary landscape—dominated by franchises, intellectual property (IP), and streaming algorithms—requires studios to function simultaneously as artistic incubators and data-driven risk managers. By analyzing the production models of Marvel Studios (cinematic) and A24 (independent crossover), this paper argues that the most successful popular entertainment productions are not purely artistic or commercial; rather, they thrive by institutionalizing a structured tension between creative novelty and replicable formulas.

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