The last decade has witnessed a seismic shift. The "studio" has moved from the lot to the cloud. Streaming services have become the dominant producers of , spending billions to capture our attention.

The only non-Western studio to achieve true global "popular" status. Led by Hayao Miyazaki, Ghibli produces hand-drawn masterpieces that feel like spiritual experiences. Spirited Away remains the only hand-drawn, non-English film to win the Academy Award for Best Animated Feature.

was once the king of Saturday mornings. For decades, their hand-drawn characters defined childhoods. Now, their latest series— Starlight & Spark —is a low-rated but beloved cult show with one season left to wrap its story. The studio is out of money, out of time, and out of luck.