Director Bong Joon-ho accepting an Oscar for "Parasite" onstage during the 92nd Academy Awards. Photo by Kevin Winter/Getty Images

"Parasite" won the top award at the Oscars on Sunday night — becoming the first foreign language film to do so in the 92-year history of the Academy Awards.

Why it matters: It's a historic moment for the entertainment industry, which has been criticized for its lack of diversity on and off the screen.

  • It also represents a small win for the traditional movie model. "Parasite" was released conventionally in theaters by a movie studio, not via a streaming company.

Details: The film also took home awards for best director, original screenplay and international feature.

  • The acceptance speeches by "Parasite" director Bong Joon-ho reinforced the diversity being celebrated, as the director gave most of his speeches through a translator.

Yes, but: The Oscars were otherwise not as inclusive as critics would have liked.

  • All of the nominees for best director this year were for men, which caught the attention of activists, actors and filmmakers.
  • Natalie Portman arrived at the red carpet wearing the names of female directors who were neglected by the nomination process embroidered on her cape.

Other notable wins include:

  • Joaquin Phoenix won the award for best actor for his role in "Joker," which was the most heavily nominated film of the night.
  • Barack and Michelle Obama's production company Higher Ground Productions also took home its first Oscar win for "American Factory." The film, about the tensions in Dayton, Ohio, after a Chinese company opens up a glass plant there, won the award for best documentary feature.

The big picture: The multiple wins for "Parasite" come on the heels of an #OscarsSoWhite social media movement, which criticized the awards show for over-indexing on white, male actors and filmmakers.

Go deeper: Obama-produced "American Factory" wins Best Documentary Oscar

Editor's note: This article has been updated with new details throughout.

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