Netflix (NFLX - Free Report) has received 24 Oscar nominations, including 10 for The Irishman and six for Marriage Story. This is the first time that the company has received more nominations than any major studio or specialty distributor.
Despite being shut out at the Golden Globes, Martin Scorsese’s The Irishman led Netflix’s Oscar tally. The movie earned nominations for best picture, director, cinematography and supporting actors Joe Pesci and Al Pacino.
Additionally, Noah Baumbach’s emotional drama Marriage Story received nominations for best picture. Netflix also got three nominations for The Two Popes and two animated feature nominations for I Lost My Body and Klaus.
Moreover, American Factory and The Edge of Democracy are both in the running for best documentary while Life Overtakes Me received a nomination for short documentary.
The 2020 Academy Awards will be presented on Feb 9 at the Dolby Theatre in Hollywood.
Why Oscar Is Important for Netflix?
After a disappointing show at the Golden Globes, Netflix has a chance to redeem itself at the Oscars. Notably, the streaming giant won just two Golden Globes out of its 34 nominations.
Netflix’s plethora of nominations at Golden Globes and 92nd Academy Awards matter for the industry as it further validates Netflix’s business model.
Notably, the streaming giant’s focus on subscription revenues has hit box-office revenues of distributors and theater owners in Hollywood. Its practice has also forced members of the film academy to debate how to define a movie.
Netflix views Oscar contention as a selling point to A-list talent. A dominant year at the Academy Awards is expected to be a strong recruiting tool while competition intensifies in the streaming space.
Markedly, to woo Academy members and Hollywoodians, Netflix has been spending heavily on parties, campaigning and advertisements. However, effectiveness of such lavish spending is contentious.
Per a New York Times report, Netflix spent $20 million for Alfonso Cuarón’s Roma aggressive campaigning last year although the best picture went to the traditionally distributed Green Book.
Netflix’s Streaming Service Runs Solo in the Oscar Race
While the accolades heaped on Netflix suggest that streaming projects are finally being judged equally alongside theatrical releases in terms of award recognition, it’s worth noting that Netflix was also the only streaming studio to garner any Academy Award nominations this year.
Coming in second place was one of Netflix’s biggest competitors, Disney (DIS - Free Report) , which benefited from its recent acquisition of 21st Century Fox and received 22 nominations.
Disney’s blockbuster releases in 2019 nominated in the Oscars include Jojo Rabbit (6 nominations), Ford v Ferrari (4 nominations) and Star Wars: The Rise of Skywalker (3 nominations) among others.
Among other traditional distributors, Sony’s (SNE - Free Report) Pictures studio received 20 nominations for critically acclaimed films like Once Upon a Time in Hollywood, Little Women and Pain and Glory.
Additionally, Warner Bros earned the distinction of being the most-nominated film of the year. Joker starring Joaquin Phoenix had 11 nominations including best director, best actor and best picture.
Moreover, Comcast (CMCSA - Free Report) owned Universal Studios received 13 nominations, 10 of which were for Sam Mendes’ 1917. DreamWorks Animation’s How To Train Your Dragon: Hidden World and Focus Feature’s film Harriet received two nominations.
Netflix currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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