By 1940, the average production cost of an American feature was $400,000, a negligible increase over ten years. A number of small Hollywood companies had folded around the turn of the decade, including the ambitious Grand National, but a new firm, Producers Releasing Corporation (PRC), emerged as third in the Poverty Row hierarchy behind Republic and Monogram. The double feature, never universal, was still the prevailing exhibition model: in 1941, fifty percent of theaters were double-billing exclusively, and others employed the policy part-time.