Editing, score, and visual effects (VFX). This is often where a studio "saves" a bad production through recuts (the infamous Justice League situation). Then comes the release strategy: Theatrical, Streaming, or Hybrid.
Netflix changed the game by financing productions up-front, bypassing the traditional box office. With over 200 million subscribers, they produce more original content in a year than MGM did in a decade.
You cannot understand studios without understanding the production pipeline. A "popular entertainment studio" relies on three distinct phases:
Warner Bros. holds perhaps the most diverse catalog in history: Harry Potter, DC Comics, Lord of the Rings, and Looney Tunes. Despite recent turbulence with streaming (Max) and restructuring, their production arm remains a titan.
