Not to be confused with cloud-hosted Team Projects, this new feature is geared towards editors working together on premises:
Productions connects Premiere Pro project files, making them into components of the larger workflow.
Media referencing across projects means you can reuse assets within your Production without creating duplicate files. Using shared local storage, multiple editors can work on different projects in the same production. Project Locking ensures that no one overwrites your work.
You control your content: Productions use shared local storage and can be used without an internet connection.