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Despite its corporate utility, exclusive content generates significant negative externalities.

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Walled gardens are evolving. IMAX and premium theater chains are negotiating "exclusive theatrical windows" before a film hits streaming. For example, Oppenheimer ’s exclusive 100-day IMAX run created billions in revenue, proving that physical exclusivity still matters in a digital world. Walled gardens are evolving

For decades, the entertainment industry chased scale. The goal was to put every movie in every theater for every person. That era is over. For decades, the entertainment industry chased scale

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