Twenty years ago, a Marvel movie was a risk. Today, it is a financial instrument. Under the stewardship of Kevin Feige, Marvel Studios perfected the art of the "shared universe." But what is fascinating now is their pivot from quantity to quality.

Their production pipeline is unique: They write the game like a TV show first. The Last of Us Part II ’s script is 1,000+ pages. When it came time to adapt it, they didn’t have to invent lore; they just had to trim it.

Their production strategy is radical in a data-driven age: They gave Daniels (the duo behind Swiss Army Man ) $25 million to make a film about hot dog fingers and multiversal taxes. It won Best Picture. They let the Bear have seven-minute anxiety attacks with no dialogue. It won every Emmy.

While Disney and Illumination fight over children’s box office, the real artistic innovation is happening in adult animation. These studios produce work that live-action cannot touch—literally.