Covered in this article First-Run Value Has Stopped Scaling With Risk Second Window Is Becoming the Economic Core Library Is Not Residual—It Is Structural Europe Reinforces the Same Shift—Through Structure The Real Risk Is Misweighting the Value Stack FilmTake Away: Value Hasn’t Decreased—It Has Moved For years, the conversation around film licensing followed a predictable hierarchy. First-run rights drove the headline value. Library values were treated as residual. Everything in between rarely