Often missing from these accounts is an attention to the industry's structure beyond the studio/independent spectrum and what replaced the shuttered Fine Line (2005), New Line (2008), Warner Independent (2008), Picturehouse (2008), Miramax (2010), and Paramount Vantage (2013). Tzioumakis describes this period as an "extensive shakeout" of the American specialty film market, following the 2008 financial crisis, while Alisa Perren suggests that the decline of DVD sales contributed to the "near collapse of the specialty sector" in those years. Though their roots can be traced back to at least 1996, it was in this period around 2008, when the studios abandoned indiewood, that billionaire boutiques sought to fill the gap with findies and financial engineering.

XREF: Connects to the broader history of indie film distribution and the studio specialty film crash around 2008.

Andrew deWaard, Derivative Media, loc. 269