Midway through the first season of “The Studio,” Matt Remick (Seth Rogen), a big wheel in the movie industry, finds himself at a dinner table of civilians. Though he’s used to impressing people with his job, his companions are unmoved. “If you want art, you watch TV,” one says. “Have you seen ‘The Bear’?”

To borrow a line from “The Sopranos,” one of the first big series to muscle in on the movies’ territory, Matt is feeling like a guy who came in at the end of something. When the 10-episode satire begins on Apple TV+, he gets his dream job, as he is tapped to head the fictional Continental Studios when its storied leader (Catherine O’Hara) is defenestrated after a string of flops.

Matt, a movie guy’s movie guy whose vintage-car collection embodies his love for an earlier showbiz era, is ready to live his Hollywood fantasy. He will lavish money on auteurs and let them shoot on actual film. He will be known as a “talent-friendly” executive. He will make art.

Or maybe he won’t. Seconds into his welcome-aboard talk with the company’s C.E.O., Griffin Mill (a deliciously batty Bryan Cranston), he gets his first mandate: Continental has landed the rights to the Kool-Aid Man, a crass ploy to copy the success of “Barbie,” and Matt is expected to turn the I.P. into a billion-dollar hit. He dreamed of a life in the pictures; now he’s breathing life into a pitcher.

“The Studio,” which premieres on Wednesday, is its own kind of formula project, another in that long-lived monster-movie franchise “Art vs. Commerce.” But the series is timely enough to be a little distinctive, and it knows its business well enough to be blisteringly entertaining.

Past Hollywood stories have cast the industry as a culturally powerful meat grinder (Cranston’s character name is an allusion to “The Player,” one of many classic-film references in the series), or as affluent but brainless, as in “Entourage.” But in “The Studio,” Hollywood is in deep decline.

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