There used to be two things that readers of Marvel comics could always count on: superheroes they could relate to—teenaged mutants (the X-Men), nerds (Spider-Man), dysfunctional families (the Fantastic Four)—and a history that was woven throughout Marvel's various titles. There was always order in the Marvel universe, a trait that their crosstown rivals, DC Comics, lacked.

However, when it came to making movies, the House of Ideas was no match for DC, which successfully transformed their two most iconic characters, Superman and Batman, into film franchises in the '70s and '80s. Up until then, Marvel's best-known film was 1986's Howard the Duck, a cinematic debacle starring Tim Robbins and executive produced by George Lucas. (View slideshow of past movies.)

The problem wasn't Marvel's characters—Sony bought the rights to Spider-Man and generated $2.5 billion in global box office business with three films; 20th Century Fox's three X-Men movies added an additional $1.1 billion. Marvel, which introduced Spider-Man to the world in August 1962, reportedly netted a mere $90 million from Sony's trilogy; in Hollywood terms, that's akin to highway robbery. 

That's one reason Marvel Entertainment gave Marvel Studios a new role in 2005 as an independent, self-financed movie company that can greenlight projects based on its own properties—nearly 5,000 characters strong. By using other studios as distributors, the company can reap the majority of the profits. "Creating their own studio is the best idea Marvel has had since the creation of Spider-Man," says Jeff Bock of Exhibitor Relations, a Los Angeles-based firm that tracks box office receipts. "They have thousands of characters that fans would love to see on the big screen."

Marvel Studios is in a unique position and invites comparisons to another Tinseltown dream factory with its own series of beloved characters. "In some ways, they're in a better position than Disney," says Henk Groenewald, strategy director of Methodologie, a Seattle-based branding firm. "You can do a lot more with some of their characters than with Snow White or the Little Mermaid. As a young child, I could look at the Spider-Man comic and enjoy the pictures even before I could read. As an adult, I go see the movies. There's more longevity with their characters."

Like Disney, Marvel is getting into the theme-park business; the company is partnering with a United Arab Emirates-based firm to construct a $1 billion theme park in Dubai scheduled to open in 2011.

To date, Marvel Studios' first two film offerings, Iron Man—the highest-grossing film of 2008 so far—and The Incredible Hulk, have collectively brought in an estimated $722 million in global box office returns. With Marvel at the helm, longtime fans can expect a certain level of quality, something higher than the Daredevil (2003), Elektra (2005), and Fantastic Four films (20th Century Fox's 2005 and 2007 Fantastic Four movies managed to gross an estimated $618 million in box office despite lackluster reviews). "There are people who care deeply about these characters and they want to see them treated with respect," says Bock.

What's more, the studio is now bringing the Marvel ethos of intertwined stories, pioneered in the classic 1960s-era comics of Stan Lee and Jack Kirby, to the big screen; it's something that has never been done before, since no one film studio owned the rights to so many characters. "The possibility for crossovers in their movies has fans in a tizzy," Bock says. "It's a nudge-nudge, wink-wink to their hardcore fans, and it's creating buzz on the blogosphere."

The cross-pollination has already begun: Captain America's stars-and-stripes shield was in the background of a scene of Iron Man; there was a "secret" post-credits scene where Samuel L. Jackson, appearing as Nick Fury (another classic Marvel character) tells Iron Man Robert Downey Jr. about the Avengers; Downey makes a brief cameo at the end of The Incredible Hulk. Hulk director Louis Leterrier admitted that there was a Captain America scene that ended up on the cutting-room floor.

A quick glance at Marvel Studios' film slate for the next three years shows how the company is building a series of films that leads to a movie about its bestselling superhero team, The Avengers, in July 2011. Iron Man 2 comes in April 2010, followed by Thor two months later; then there's Captain America: The First Avenger on May 6, 2011, all of which leads up to The Avengers, which could conceivably co-star Downey, Edward Norton, and whoever plays Thor and Captain America (unconfirmed internet rumors: Brad Pitt wants to be the God of Thunder and Matthew McConaughey will be Cap). Even Ant-Man—another original member of the Avengers—will get his own film. "It's cool the way Marvel Studios is setting up the Avengers movie with little plot threads in other films," says Douglas Wolk, author of Reading Comics: How Graphic Novels Work and What They Mean. "It's a clever way to appeal to repeat customers."

Just like in the comics, Marvel can introduce a character it wants in a film, then spin off another film franchise. In the comic, the lineup for the Avengers was forever changing; there are literally dozens of superheroes that could appear in a series of Avengers films. "If they can do a new Avengers movie, every couple of years, with a rotating cast of characters, then the sky's the limit," says Bock, who adds that Marvel Studios might be so successful they might even get into distribution. "They may not need another studio anymore."