the Oscars this year, grabbing no less than half of the nominations for Best Picture, including Netflix’sNetflix was nominated for 27 Oscars, the most out of any studio, while Disney garnered 23 nominations, Warner Media’s HBO Max has 16, AppleTV+ has six, Amazon Studios has four and Paramount has one.
Winning big at the Oscars will not only generate buzz but could also result in a short-term stock boost: Historically, shares of streaming platforms tend to jump after earning a large number of nominations or taking home several Academy Awards. Netflix’s stock surged to new record highs shortly after winning Oscars in 2018 and 2019, and shares have seen a boost in recent years from the company racking up an increasing number of nominations and taking home no less than seven Academy Awards last year.
With the Oscars taking place this Sunday, shares of major streaming companies were mixed on Friday: Netflix added to losses this week and fell nearly 2%, Disney and Apple were down slightly, while AT&T and Paramount Global both gained around 1%.Netflix is still the only company turning a profit in the streaming business, as the industry remains in a highly competitive phase where rivals are spending tens of billions of dollars on content and marketing in an effort to win subscribers.
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