Netflix and Disney left the 95th Academy Awards ceremony slightly underwhelmed after wins were dominated by independent movie distributor A24.
A24, an 11-year-old arthouse film studio, took home ten awards including every acting-based award, best picture, and best director for its films Everything Everywhere All at Once and The Whale.
Netflix took home six awards but would likely be disappointed that the best international film winner All Quiet on the Western Front was unable to contend in any of the major categories.
This year fails to improve on the streaming company’s seven wins from 2021.
The digital service did outperform all the major studios combined however- Disney, Paramount and Warner Brothers won only four awards between them.
Following the awards, Paramount’s Class B shares have dropped by more than 3% in pre-market trading whilst Warner Bros and Disney fell by close to 2%.
It appears that Netflix’s wins were not enough to boost share price growth either, the stock has lost 1.7% of its value since the awards.
Sunday’s triumphs for A24 may mean that the New York-based company received the biggest boost to its value.
According to reports, despite being privately owned, the film house already received a US$3bln purchase offer from Apple in 2021.
The studio never agreed on a deal but received a US$225mln investment headed by Stripes for less than 10% of the company.
It echoes that of Amazon purchasing MGM in 2022 for US$8.5bln and while A24 doesn’t boast the history of the 100-year-old studio it could be a pivotal acquisition for a company in the streaming war.