[iampliny]

Small, but important distinction: Studios don't make content. Studios made deals.

Film production is a smiling curve: on the left you have "development"; on the right, distribution. Actual content creation is 100% farmed out to production companies and their vendors (like VFX houses, et al).

[ck425]

True, but the author makes a solid point about the new distribution systems being created by people who value efficiency and are experts at disrupting inefficient industries. Netflix and Amazon might currently be just buying content but I'd be surprised if soon they don't experimenting with making it themselves.