now the streaming gold rush—the era that made Dickinson—is over. In the spring of 2022, the Federal Reserve began raising interest rates after years of nearly free credit, and at roughly the same time, Wall Street began calling in the streamers’ bets. The stock prices of nearly all the major companies with streaming platforms took precipitous falls, and none have rebounded to their prior valuation.

Thanks to decades of deregulation and a gush of speculative cash that first hit the industry in the late Aughts, while prestige TV was climbing the rungs of the culture, massive entertainment and media corporations had been swallowing what few smaller companies remained, and financial firms had been infiltrating the business, moving to reduce risk and maximize efficiency at all costs, exhausting writers in evermore unstable conditions.

The new effective bosses of the industry—colossal conglomerates, asset-management companies, and private-equity firms—had not been simply pushing workers too hard and grabbing more than their fair share of the profits. They had been stripping value from the production system like copper pipes from a house—threatening the sustainability of the studios themselves. Today’s business side does not have a necessary vested interest in “the business”—in the health of what we think of as Hollywood, a place and system in which creativity is exchanged for capital. The union wins did not begin to address this fundamental problem.

To the new bosses, the quantity of money that studios had been spending on developing screenplays—many of which would never be made—was obvious fat to be cut, and in the late Aughts, executives increasingly began offering one-step deals, guaranteeing only one round of pay for one round of work. Writers, hoping to make it past Go, began doing much more labor—multiple steps of development—for what was ostensibly one step of the process. In separate interviews, Dana Stevens, writer of The Woman King, and Robin Swicord described the change using exactly the same words: “Free work was encoded.” So was safe material. In an effort to anticipate what a studio would green-light, writers incorporated feedback from producers and junior executives, constructing what became known as producer’s drafts. As Rodman explained it: “Your producer says to you, ‘I love your script. It’s a great first draft. But I know what the studio wants. This isn’t it. So I need you to just make this protagonist more likable, and blah, blah, blah.’ And you do it.”

By 2019, the major Hollywood agencies had been consolidated into an oligopoly of four companies that controlled more than 75 percent of WGA writers’ earnings. And in the 2010s, high finance reached the agencies: by 2014, private equity had acquired Creative Artists Agency and William Morris Endeavor, and the latter had purchased IMG. Meeting benchmarks legible to the new bosses—deals actually made, projects off the ground—pushed agents to function more like producers, and writers began hearing that their asking prices were too high.

Executives, meanwhile, increasingly believed that they’d found their best bet in “IP”: preexisting intellectual property—familiar stories, characters, and products—that could be milled for scripts. As an associate producer of a successful Aughts IP-driven franchise told me, IP is “sort of a hedge.” There’s some knowledge of the consumer’s interest, he said. “There’s a sort of dry run for the story.” Screenwriter Zack Stentz, who co-wrote the 2011 movies Thor and X-Men: First Class, told me, “It’s a way to take risk out of the equation as much as possible.”

Multiple writers I spoke with said that selecting preexisting characters and cinematic worlds gave executives a type of psychic edge, allowing them to claim a degree of creative credit. And as IP took over, the perceived authority of writers diminished. Julie Bush, a writer-producer for the Apple TV+ limited series Manhunt, told me, “Executives get to feel like the author of the work, even though they have a screenwriter, like me, basically create a story out of whole cloth.” At the same time, the biggest IP success story, the Marvel Cinematic Universe, by far the highest-earning franchise of all time, pioneered a production apparatus in which writers were often separated from the conception and creation of a movie’s overall story.

Joanna Robinson, co-author of the book MCU: The Reign of Marvel Studios, told me that the writers for WandaVision, a Marvel show for Disney+, had to craft almost the entirety of the series’ single season without knowing where their work was ultimately supposed to arrive: the ending remained undetermined, because executives had not yet decided what other stories they might spin off from the show.

The streaming ecosystem was built on a wager: high subscriber numbers would translate to large market shares, and eventually, profit. Under this strategy, an enormous amount of money could be spent on shows that might or might not work: more shows meant more opportunities to catch new subscribers. Producers and writers for streamers were able to put ratings aside, which at first seemed to be a luxury. Netflix paid writers large fees up front, and guaranteed that an entire season of a show would be produced. By the mid-2010s, the sheer quantity of series across the new platforms—what’s known as “Peak TV”—opened opportunities for unusually offbeat projects (see BoJack Horseman, a cartoon for adults about an equine has-been sitcom star), and substantially more shows created by women and writers of color. In 2009, across cable, broadcast, and streaming, 189 original scripted shows aired or released new episodes; in 2016, that number was 496. In 2022, it was 849.

supply soon overshot demand. For those who beat out the competition, the work became much less steady than it had been in the pre-streaming era. According to insiders, in the past, writers for a series had usually been employed for around eight months, crafting long seasons and staying on board through a show’s production. Junior writers often went to the sets where their shows were made and learned how to take a story from the page to the screen—how to talk to actors, how to stay within budget, how to take a studio’s notes—setting them up to become showrunners. Now, in an innovation called mini-rooms, reportedly first ventured by cable channels such as AMC and Starz, fewer writers were employed for each series and for much shorter periods—usually eight to ten weeks but as little as four.

Writers in the new mini-room system were often dismissed before their series went to production, which meant that they rarely got the opportunity to go to set and weren’t getting the skills they needed to advance. Showrunners were left responsible for all writing-related tasks when these rooms shut down. “It broke a lot of showrunners,” the A-list film and TV writer told me. “Physically, mentally, financially. It also ruined a lot of shows.”

The price of entry for working in Hollywood had been high for a long time: unpaid internships, low-paid assistant jobs. But now the path beyond the entry level was increasingly unclear. Jason Grote, who was a staff writer on Mad Men and who came to TV from playwriting, told me, “It became like a hobby for people, or something more like theater—you had your other day jobs or you had a trust fund.” Brenden Gallagher, a TV writer a decade in, said, “There are periods of time where I work at the Apple Store. I’ve worked doing data entry, I’ve worked doing research, I’ve worked doing copywriting.” Since he’d started in the business in 2014, in his mid-twenties, he’d never had more than eight months at a time when he didn’t need a source of income from outside the industry.

“There was this feeling,” the head of the midsize studio told me that day at Soho House, “during the last ten years or so, of, ‘Oh, we need to get more people of color in writers’ rooms.’ ” But what you get now, he said, is the black or Latino person who went to Harvard. “They’re getting the shot, but you don’t actually see a widening of the aperture to include people who grew up poor, maybe went to a state school or not even, and are just really talented. That has not happened at all.”

“The Sopranos does not exist without David Chase having worked in television for almost thirty years,” Blake Masters, a writer-producer and creator of the Showtime series Brotherhood, told me. “Because The Sopranos really could not be written by somebody unless they understood everything about television, and hated all of it.” Grote said much the same thing: “Prestige TV wasn’t new blood coming into Hollywood as much as it was a lot of veterans that were never able to tell these types of stories, who were suddenly able to cut through.”

The threshold for receiving the viewership-based streaming residuals is also incredibly high: a show must be viewed by at least 20 percent of a platform’s domestic subscribers “in the first 90 days of release, or in the first 90 days in any subsequent exhibition year.” As Bloomberg reported in November, fewer than 5 percent of the original shows that streamed on Netflix in 2022 would have met this benchmark. “I am not impressed,” the A-list writer told me in January. Entry-level TV staffing, where more and more writers are getting stuck, “is still a subsistence-level job,” he said. “It’s a job for rich kids.”

Brenden Gallagher, who echoed Conover’s belief that the union was well-positioned to gain more in 2026, put it this way: “My view is that there was a lot of wishful thinking about achieving this new middle class, based around, to paraphrase 30 Rock, making it 1997 again through science or magic. Will there be as big a working television-writer cohort that is making six figures a year consistently living in Los Angeles as there was from 1992 to 2021? No. That’s never going to come back.”

As for what types of TV and movies can get made by those who stick around, Kelvin Yu, creator and showrunner of the Disney+ series American Born Chinese, told me: “I think that there will be an industry move to the middle in terms of safer, four-quadrant TV.” (In L.A., a “four-quadrant” project is one that aims to appeal to all demographics.) “I think a lot of people,” he said, “who were disenfranchised or marginalized—their drink tickets are up.” Indeed, multiple writers and executives told me that following the strike, studio choices have skewed even more conservative than before. “It seems like buyers are much less adventurous,” one writer said. “Buyers are looking for Friends.”

The film and TV industry is now controlled by only four major companies, and it is shot through with incentives to devalue the actual production of film and television.

The entertainment and finance industries spend enormous sums lobbying both parties to maintain deregulation and prioritize the private sector. Writers will have to fight the studios again, but for more sweeping reforms. One change in particular has the potential to flip the power structure of the industry on its head: writers could demand to own complete copyright for the stories they create. They currently have something called “separated rights,” which allow a writer to use a script and its characters for limited purposes. But if they were to retain complete copyright, they would have vastly more leverage. Nearly every writer I spoke with seemed to believe that this would present a conflict with the way the union functions. This point is complicated and debatable, but Shawna Kidman and the legal expert Catherine Fisk—both preeminent scholars of copyright and media—told me that the greater challenge is Hollywood’s structure. The business is currently built around studio ownership. While Kidman found the idea of writer ownership infeasible, Fisk said it was possible, though it would be extremely difficult. Pushing for copyright would essentially mean going to war with the studios. But if things continue on their current path, writers may have to weigh such hazards against the prospect of the end of their profession. Or, they could leave it all behind.

Major studio video game story-telling standards and IP/franchise cinema both contribute greatly to the kind of lore-focused psychologically-disinterested narrative style.

The literal deterministic storytelling of Dune or Barbie or Oppenheimer attempts to put the cat back in the bag, to soothe the audience by seemingly bold aesthetic vision while actually telling quite dull and lifeless stories that ask little of the imagination. Don't worry, we'll explain everything to you, no need to think, no need to imagine.

“Come right off ‘Fury,’ right? I had the town in my hand — could’ve done anything, and I did do anything,” Ayer continued. “And [I] go on this journey with [‘Suicide Squad’]. And the same thing — authentic, truthful, let’s do all the rehearsal, let’s really get in each other’s souls. Let’s create this amazing, collaborative thing, right? And then ‘Deadpool’ opened, right? And they never tested ‘Batman v. Superman,’ so they were expecting a different result, and then they got hammered by all the critics. Then it’s like, ‘Okay, we’re going to turn David Ayer’s dark, soulful movie into a fucking comedy now.’”

Maybe we’ll get to a point where the novelty will be that a human being wrote something: This person proved that they were in a box away from any A.I. when they wrote this thing

as writers and creators, you want people to watch your show, so if you can make something look and sound like something else that people already want to watch, then you might be able to convince a producer that it will have legs. But I discovered through doing “Fleabag” that you have to write something that is more dangerous, more honest, more unusual and more provocative — especially if it’s going to go into a pool with a million other things. Honing the uniqueness of whatever you do is your best chance. I know I’m saying that having just signed up to do “Tomb Raider,” which has an audience already, and I know that’s what Amazon wants, and Amazon made this unbelievable deal8 8 In 2019, Variety reported about Waller-Bridge’s development deal with Amazon Studios, that “sources say the deal is worth around $20 million a year.” with me. I care so much about delivering for them. Being able to do that dangerous, naughty, transgressive stuff in the heart of something that is very valuable to them in terms of I.P. satisfies both of those things, but the discipline for me is to not just give them the “Tomb Raider” they think they want, but to give them something else.

People are going to interpret everything I do as my feelings on contemporary womanhood because I’m a contemporary woman. I don’t want to escape that part of me. I can see how I’ve gone into masculine roles with Bond and “Indiana Jones,” but those worlds are the ones that always intrigued me. The high-stakes action world appeals to me, whether it’s masculine or feminine. I like the urgency of it and the idea of being able to write a female character in a world like that.

It’s a window into your psychology: You want to be a pleaser and do the assignment well, but what you actually want to do is something riskier. Oh, my gosh. That’s exactly what it is. But the best thing is when you satisfy both. The journey there can be quite [laughs] — I love the feeling of having done what’s been asked, but I hate the feeling of pleasing.

I think that with Bond there is something dangerous, transgressive and incendiary about that character, and it’s the same with Indy. He completely revolutionized the action hero, which Harrison1 1 Harrison Ford, of course, who has said “Indiana Jones and the Dial of Destiny” will be his last go-round with Indy’s famous whip and fedora. is dead set against him being described as, but there was something that broke the form. We accept them now as the biggest franchises, but in the kernel of these characters is something naughty and dangerous. They were the rascals of their time, and I feel like Villanelle and Fleabag are rascals.2 2 Villanelle is the name of the assassin character, played by Jodie Comer, in “Killing Eve.” “Fleabag,” for those who haven’t seen it, is that show’s title character, played by Waller-Bridge. The show earned six Emmy Awards and 11 nominations for its second season. So it was less like, “I want to go do this big movie,” and more, “I want to play in the sand pit with these rascals.” That’s one way of looking at it.

I couldn’t write anything that I felt didn’t have that deeper element sincerely at the heart of it, and that writer is with me everywhere I go. It’s ever-present: What does this mean? Because I’m obsessed with having an audience be moved.6 6 Waller-Bridge said the most recent things that moved her were the TV series “Dead Ringers,” a concert by the singer Christine Bovill in which she performed Edith Piaf songs and a revival of “Guys and Dolls” at the Bridge Theater in London. I was moved when I read the script, and I was moved when I heard Jim7 7 James Mangold, the director of “Dial of Destiny.” He is the first director other than Steven Spielberg to direct an “Indiana Jones” movie. and Harrison and Kathy talk about it. I mean, I wasn’t in tears on the floor, but I felt that tingle of, this has got some human stuff going on. But the day-to-day? Some of the days were superfun, and we did look really cool. But the proper actors don’t want to just look cool. They want to make you cry while looking cool.

Just as Marvel had gone from ailing comic-book publisher to Hollywood behemoth, the toymaker could leverage its intellectual property at the multiplex. Kreiz told me, “My thesis was that we needed to transition from being a toy-manufacturing company, making items, to an I.P. company, managing franchises.”

She told me, “There are people who adore Barbie, people who hate Barbie—but the bottom line is everyone knows Barbie.” She wanted a film adaptation to confront those “sharp edges, ” but when she met with Kreiz she led with her desire to take the brand seriously.

Kreiz, meanwhile, hired a veteran of Miramax, Robbie Brenner, to head up the newly minted Mattel Films. Her first task: assemble a team of development executives to rummage through Mattel’s toy chest and identify I.P. that could be fodder for Hollywood studios. Mattel would help match properties with writers, actors, and directors; studios would provide all the funding. The brands, and audiences’ familiarity with them, were their own form of currency. Brenner told me, “In the world we’re living in, I.P. is king. Pre-awareness is so important.”

Jeremy Barber, an agent at U.T.A. who represents Gerwig and Baumbach, is close with Brenner, so he could be blunt. “Are you crazy?” he told her. “You should’ve come into this office and thanked me when Greta and Noah showed up to write a fucking Barbie movie!”

Barber told me that Mattel had figured out how to “engage with filmmakers in a friendly way.” Gerwig, meanwhile, was looking to move beyond the small-scale dramas she was known for. “Greta and I have been very consciously constructing a career,” Barber explained. “Her ambition is to be not the biggest woman director but a big studio director. And Barbie was a piece of I.P. that was resonant to her.”

Although Barber was pleased with the “Barbie” partnership, he was clear-eyed about its implications. “Is it a great thing that our great creative actors and filmmakers live in a world where you can only take giant swings around consumer content and mass-produced products?” he said. “I don’t know. But it is the business. So, if that’s what people will consume, then let’s make it more interesting, more complicated.”

The future of moviegoing now seems increasingly tenuous, and studios have leaned on pre-awareness as a means of drawing people to theatres: a nostalgia play like “Hot Wheels” is seen as a safer bet than an original concept. The box office has borne this out: the ten highest-grossing films of 2022 were all reboots or sequels. Disney’s much derided strategy of remaking “Aladdin” and other animated classics as live-action spectacles has largely paid off; by contrast, Pixar’s recent attempt at an original story, “Elemental,” bombed.

The mandate for audience recognition has pushed artists to take increasingly desperate measures—including scrounging up plotlines from popular snacks. Eva Longoria recently directed the Cheetos dramedy “Flamin’ Hot”; Jerry Seinfeld is at work on “Unfrosted: The Pop-Tart Story.”

creating “a story where there hadn’t been a story” felt like solving “an intellectual Rubik’s Cube.”

Whereas Scott’s “Monopoly” was shamed into nonexistence, advance screenings of “Barbie,” billed as “blowout parties,” are selling out. Nevertheless, the film’s slogan—“If you love Barbie, this movie is for you. If you hate Barbie, this movie is for you”—is indicative of the tightrope it has to walk. “Barbie” is somehow simultaneously a critique of corporate feminism, a love letter to a doll that has been a lightning rod for more than half a century, and a sendup of the company that actively participated in the adaptation.

When Robbie’s character ventures beyond Barbie Land, Gerwig explained, the film’s visual language also changes: “The way the camera moves and the way it feels is different once we’re in the real world.”

Mattel was sometimes uneasy with Gerwig’s interest in the brand’s missteps. In 1964, the company released a doll named Allan, whose packaging marketed him as “Ken’s buddy,” with the tagline “All of Ken’s clothes fit him!” Allan was soon pulled from shelves. When Gerwig learned about him, she found the ad copy both sad and amusing. In “Barbie,” Allan is played by Michael Cera, and much is made of the fact that his relationship to Ken is his main identifying feature. The company, Gerwig remembered, required some convincing: “There was just an e-mail that went around where they said, ‘Do you have to remind people that this was on the box?’ ”

Gerwig told me, “Barbie seems so monolithic, and there’s a quality where it just seems as if she was inevitable, and she’s always existed. I think all the dead ends are a reminder that they were just trying stuff out.” Although she understood why Mattel wanted “to protect Barbie,” she felt that “dealing with all the strangeness of it is a way of honoring it.”

A rival, Kenner, was having runaway success with “Star Wars” action figures, and Mattel scrambled to launch a science-fantasy saga of its own. Play-testing had revealed that young boys fixated on the notion of “power,” and that a muscle-bound hero was more appealing than the slighter action figures of the era. This intelligence yielded He-Man and the Masters of the Universe. When a retailer pointed out that kids would have no idea who these characters were—even then, pre-awareness was a consideration—Mattel hastily produced comic books that explained their backstories.

Brenner sat at the head of a long table while her right hand, Kevin McKeon, provided updates on various projects. His descriptions sometimes sounded like a Hollywood version of Mad Libs. A screenwriter, he informed the group, was at work on an American Girl script that would be “ ‘Booksmart’ meets ‘Bill & Ted.’ ” Jimmy Warden, the screenwriter of “Cocaine Bear,” had devised a horror-comedy about the Magic 8 Ball.

McKeon seemed most excited by Kaluuya’s Barney project, which would be “surrealistic”; he compared the concept to the work of Charlie Kaufman and Spike Jonze. “We’re leaning into the millennial angst of the property rather than fine-tuning this for kids,” he said. “It’s really a play for adults. Not that it’s R-rated, but it’ll focus on some of the trials and tribulations of being thirtysomething, growing up with Barney—just the level of disenchantment within the generation.” He told me later that he’d sold it to prospective partners as an “A24-type” film: “It would be so daring of us, and really underscore that we’re here to make art.”

Talk turned to a few recent pitches that had surprised the team. “Somebody just asked me about Bass Fishin’, which is, like, a toy fishing rod,” Bassin said. The pitch was for an “intense sports drama about this cheating scandal in competitive fishing”—an attempt, it seemed to me, to Trojan-horse a story that the writer actually wanted to tell into a conceit that might be green-lighted.

Gerwig’s “Barbie,” for all its gentle mockery of Mattel, has already paid dividends for the company. A fifty-dollar doll resembling Robbie as she appears in the film, unveiled in June, has sold out; so has a seventy-five-dollar model of Stereotypical Barbie’s pink Corvette.

If you are wondering whether Barbie is a satire of a toy company’s capitalist ambitions, a searing indictment of the current fraught state of gender relations, a heartwarming if occasionally clichéd tribute to girl power, or a musical spectacle filled with earworms from Nicki Minaj and Dua Lipa, the answer is yes. All of the above. And then some.

Gerwig still can’t seem to believe she got away with making this version. “This movie is a goddamn miracle,” she says. She calls it a “surprising spicy margarita.” By the time you realize the salted rim has cayenne mixed in, it’s too late. “You can already taste the sweetness and you sort of go with the spice.”

Every single actor I spoke to cited Gerwig and the sharp script as the reason they joined the film. “I knew this was not going to shy away from the parts of Barbie that are more interesting but potentially a little bit more fraught,” says Hari Nef, who plays a doctor Barbie. “The contemporary history of feminism and body positivity—there are questions of how Barbie can fit into all of that.”

At one point Richard Dickson, COO and president of Mattel, says he took a flight to the London set to argue with Gerwig and Robbie over a particular scene, which he felt was off-brand. Dickson dials up his natural boyish exuberance, imitating himself righteously marching off the plane to meet them. But Gerwig and Robbie performed the scene for him and changed his mind. “When you look on the page, the nuance isn’t there, the delivery isn’t there,” explains Robbie.

Robbie had laid the groundwork for this with Mattel’s CEO when she met with him in 2018 in the hopes that LuckyChap could take on the Barbie project. “In that very first meeting, we impressed upon Ynon we are going to honor the legacy of your brand, but if we don’t acknowledge certain things—if we don’t say it, someone else is going to say it,” she says. “So you might as well be a part of that conversation.”

“The most important transition was from being a toy-manufacturing company that was making items to becoming an IP company that is managing franchises,” he says. It’s a particularly prescient strategy at a moment when superhero fatigue has set in and studios are desperate to find new intellectual property with a built-in fan base—from Super Mario Bros. to Dungeons & Dragons.

Issa Rae, 38, who plays President Barbie, argues that the entire point of the film is to portray a world in which there isn’t a singular ideal. “My worry was that it was going to feel too white feminist-y, but I think that it’s self-aware,” she says. “Barbie Land is perfect, right? It represents perfection. So if perfection is just a bunch of white Barbies, I don’t know that anybody can get on board with that.”

Still, in an interview for this story, Brenner called Gerwig’s film “not a feminist movie,” a sentiment echoed by other Mattel executives I spoke with. It was a striking contrast to my interpretation of the film and conversations with many of the actors, who used that term unprompted to describe the script. When I relay Mattel’s words to Robbie, she raises an eyebrow. “Who said that?” she asks then sighs. “It’s not that it is or it isn’t. It’s a movie. It’s a movie that’s got so much in it.” The bigger point, Robbie impresses upon me, is “we’re in on the joke. This isn’t a Barbie puff piece.”

Gerwig’s team built an entire neighborhood made up of Dream Houses that were missing walls. The actors had to be secured by wires so they wouldn’t topple off the second floors. The skies and clouds in the background were hand-painted to render a playroom-like quality, as was much of the rest of the set.

But McKinnon, 39, watched her sister and friends play with the dolls: they cut Barbie’s hair, drew on her face, and even set her on fire. She theorizes, “They were externalizing how they felt, and they felt different.” So when Gerwig offered McKinnon the role of Weird Barbie, a doll that’s been played with a little too aggressively in the real world, she jumped at the chance. McKinnon was impressed by the way the script dealt with girls’ complicated attachments to the doll. “It comments honestly about the positive and negative feelings,” she says. “It’s an incisive cultural critique.”

“We’re looking to create movies that become cultural events,” Kreiz says, and to do that Mattel needs visionaries to produce something more intriguing than a toy ad. “If you can excite filmmakers like Greta and Noah to embrace the opportunity and have creative freedom, you can have a real impact.”

Adaptation inconsistencies could be waved away if the emotional terrain and aesthetics of the film had a strong enough point of view