Netflix Makes History As It Becomes First SVOD Platform To Bag SAG Ensemble Award

Netflix Inc. NFLX stole the limelight at the 27th Annual Screen Actors Guild Awards on Sunday with the cast of the streaming giant’s “The Trial of the Chicago 7” winning the top award. This marks the first time a film from a subscription on video demand (SVOD) platform has won a SAG ensemble award.

What Happened: The win by the cast of “The Trial of the Chicago 7” came over two other Netflix releases — “Da 5 Bloods” and “Ma Rainey’s Black Bottom.”

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The film was originally planned for a theatrical release by Paramount Pictures, a subsidiary of CBS Corporation VIAC, but the distribution rights were sold to Netflix due to the COVID-19 pandemic.

Amazon.com Inc.’s AMZN “One Night in Miami” and A24’s “Minari” were also in the fray for the award, which is seen as SAG’s equivalent of the Best Picture Oscar.

In addition, “Ma Rainey’s Black Bottom” stars Chadwick Boseman and Viola Davis won the awards for outstanding performance by a male and female actor in a leading role, respectively.

In the television segment, Netflix won four awards. “The Crown” won the award for outstanding performance by an ensemble in a drama series, while Gillian Anderson (The Crown) won the award for outstanding performance by a female actor in a drama series.

Jason Bateman (Ozark) won the award for the outstanding performance by a male actor in a drama series. Anya Taylor-Joy (The Queen’s Gambit) received the award for outstanding performance by a female actor in a television movie or limited series.

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Why It Matters: Netflix’s win of the awards highlight the rising popularity of SVODs, which have emerged as big winners amid the pandemic. The closure of theaters and people being forced to stay at home due to coronavirus-induced lockdowns resulted in huge demand for online streaming services last year.

Netflix and Walt Disney Company’s DIS Disney Plus took home most of the 78th Golden Globe awards announced in February this year. Both Netflix and Disney Plus now boast of having millions of subscribers globally.

Price Action: Netflix shares closed 3.4% higher on Thursday at $539.42.

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