Jan 24, 2023 - Economy & Business

Streamers lose Oscars nomination momentum

Data: Deadline, Axios research; Note: Traditional studios included are Walt Disney, Warner Bros, A24, Focus Features, Fox Searchlight and Universal; Chart: Madison Dong/Axios Visuals

For the first time in three years, Netflix did not receive the most Oscar nominations of any movie studio.

Why it matters: Tech firms have invested billions of dollars on movies in an effort to bolster their streaming products, but traditional studios are proving their might as they boost their own streaming services and win back momentum at the box office.

Details: A24's science comedy “Everything Everywhere All at Once” has picked up the most Oscar nominations (11) for an individual film this year, followed by Netflix's war drama “All Quiet on the Western Front" (9) and Searchlight's “The Banshees of Inisherin," (9) per Deadline.

  • Paramount’s “Top Gun: Maverick,” Warner Bros.' “Elvis,“ Disney’s “Avatar: The Way of Water,” and Focus Features' and Universal Pictures' “Tár” also received nominations for Best Picture.
  • Apple scored just two nominations after receiving six last year and winning best picture for “Coda.” Amazon received just one nomination.

Be smart: The Golden Globes typically serve as a litmus test for how some films will fare at the Oscars.

  • This year, “The Fabelmans" took home the award for best motion picture drama and best director. “The Banshees of Inisherin" won the award for best motion picture for a musical or comedy. “Elvis,” “Tár” and “Everything Everywhere All at Once" received top acting awards.

The big picture: Award shows ratings have been steadily declining for years, and hit all-time lows during the pandemic.

  • Last year's Oscar Awards saw a small viewership spike, following record lows in 2021.

What to watch: The Oscars, presented by the Academy of Motion Picture Arts and Sciences, will air on ABC on March 12th. They will be hosted by Jimmy Kimmel at the Dolby Theatre in Hollywood.

Go deeper: Michelle Yeoh, Stephanie Hsu make 2023 Oscars history

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