Milano was unusual in refusing to join the conglomerateUnione Cinematografica Italiana in 1919. It continued its own production programme until the late 1920s, but slowly declined in importance.[2] By the time the company closed, the Italian film industry was in a general crisis.
In 1909 the company constructed the Bovisa Studios, at the time amongst the best in Europe.[3] The studios continued to be used sporadically by other companies after Milano's demise, although filmmaking was increasingly centralised in Rome.