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The entertainment industry has its roots in the early 20th century, with the establishment of Hollywood studios and the rise of cinema. The 1920s to 1950s are often referred to as the "Golden Age" of Hollywood, with iconic studios like MGM, Paramount, and Warner Bros. producing classic films that captivated audiences worldwide. The industry was characterized by a traditional model of content creation, distribution, and consumption, with studios controlling the entire value chain.