The document discusses the history and evolution of the film industry. It describes how early film studios resembled factories that owned stars, writers, and producers to churn out movies. This studio system changed due to antitrust lawsuits that made production companies work on a project-by-project basis. The film industry also reacted to the rise of television by making movies that provided content not seen on TV and selling old movies to TV. The three components of the modern film industry are production, distribution, and exhibition.