Netflix wins 4 Oscars as original content investments pay off
Entertainment Media Ventures President Sanford Climan on the latest trends in the entertainment industry.
Netflix’s massive investment in producing original content paid off at the 2019 Academy Awards on Sunday night, as the streaming giant tied for most wins among Hollywood studios.
The company scored four Oscars at the show. “Roma,” written and directed by Hollywood mainstay Alfonso Cuaron, won three awards, including Best Foreign Film, Best Cinematography and Best Director. “Period. End of Sentence.” won the Oscar for best documentary short.
Netflix was one of four studios to secure four Oscars wins, joining the likes of Fox, Disney and Universal. The company’s stock rose more than 1 percent in early trading Monday.
Netflix has poured billions of dollars into original content in recent years in a bid to lure new subscribers. The streaming giant spent $12 billion on content in 2018 and is expected to top $15 billion in spending this year. The campaign to promote “Roma” ahead of the Oscars cost the company between $25 million and $30 million, according to The Wrap.
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While “Roma” lost out to fellow contender “Green Book” for the prestigious Best Picture award, Netflix’s awards season success was just the latest sign that it has become a major player in Hollywood. Last month, the company became the first streaming service to join the Motion Picture Association of America.