Apple Beats Netflix To Win Best Picture Oscar As Online Streaming Takes The Limelight

The growing popularity of subscription video-on-demand (SVOD) platforms was highlighted at Sunday’s Oscar awards ceremony after Apple Inc's APPL “CODA” won the best picture prize

What Happened: “CODA,” released by Apple TV+, became the first film produced by a streaming service to win the prestigious prize at the 94th annual Academy Awards ceremony in Los Angeles. The movie — with a predominantly deaf cast — won three awards overall.

“CODA” beat streaming giant Netflix Inc’s NFLX “The Power of the Dog” and “Don’t Look Up” as well as contenders from traditional Hollywood studios to win the coveted prize.

However, Netflix won an award after Jane Campion secured the best director prize for “The Power of the Dog.”

See Also: 'The Slap:' Did Will Smith Really Just Smack Chris Rock's Face At Oscars?

Why It Matters: Heading into the awards ceremony, Netflix had 27 overall Oscar nominations for films including “Don’t Look Up” and “The Lost Daughter,” musical “Tick, Tick... Boom!” and animated feature “The Mitchells vs. the Machines.”

Meanwhile, Amazon.com Inc's AMZN Amazon Studios and Walt Disney Co.’s DIS Disney+ failed to win any awards this year despite having nominations in different categories.

SVODs emerged as big winners amid the COVID-19 pandemic due to the closure of theaters and people being forced to stay at home. Netflix and Disney+ boast of having millions of subscribers globally.

Last year, Netflix won seven Oscar awards, while Disney took home five awards and Amazon Prime Video recorded two Oscar wins.

Price Action: Apple shares closed almost 0.4% higher in Friday’s regular trading session at $174.72 and further rose about 0.2% in the after-hours session to $175.00, according to data from Benzinga Pro.

Read Next: Apple Scores Oscars Win With 'CODA': Analyst Sees Big Subscriber And Content Boost For Tech Giant From 'Monumental Moment'

Photo courtesy: Apple