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This is the "idea phase." Studios acquire rights to books, comics, or spec scripts. In legacy studios, greenlighting involves a committee assessing risk vs. reward. In streaming studios, greenlighting involves data analysts looking at search trends. For example, if searches for "heist comedies" spike in a demographic, a studio may fast-track a production to fill that void.

He turned toward a sleek, glass-fronted building that didn’t look like a classic film lot. This was the territory of Netflix and Amazon Studios, the disruptors who had traded celluloid for algorithms and red carpets for "play" buttons. They were the new guardians of the binge-watch, the ones who had proven that a story didn’t need a theater to find its soul.

WBD is doubling down on "event-sized" theatrical films ( Superman: Legacy , Joker: Folie à Deux ) while aggressively cutting mid-budget adult dramas—a genre that has largely migrated to streamers like Apple TV+ or A24.