Talent agents have always been indispensable to writers, actors, and other creative workers in the entertainment industry, providing independent representation to their artist-clients in dealings with sophisticated corporate employers. But following a historical shift in their revenues from commissioning clients to lucrative television packaging fees, the power and profits of the biggest agencies grew exponentially. Revenues from packaging fees allowed these agencies to diversify into other businesses and attracted outside investment by private equity firms leading to further vertical integration. Now, the largest agencies have turned their eye toward a new revenue stream: producing and owning content through agency-affiliate production companies.