As anticipation builds toward the 98th Academy Awards, major players within the film and streaming sectors have secured multiple nominations across headline categories. Netflix Inc (NASDAQ:NFLX) aims to improve upon last year's outcomes when it garnered 16 nominations but secured only two wins. This year, Netflix continues to hold a significant presence with two films up for Best Picture, while technology titan Apple Inc (NASDAQ:AAPL) made a notable entry with its racing documentary.
Best Picture Nominees Reflect Industry Diversity
Netflix's nominations for Best Picture include the films "Frankenstein" and "Train Dreams," both featuring the company's distribution footprint in North America. Apple received a remarkable nomination for "F1," its highest grossing film to date, underscoring the growing influence of technology firms in traditional motion picture categories.
The full slate of Best Picture nominations encompasses the following ten films alongside their distributing studios:
- "Bugonia" - Universal Pictures, part of Comcast Corp (NASDAQ:CMCSA)
- "F1" - Apple Inc
- "Frankenstein" - Netflix
- "Hamnet" - Universal Pictures
- "Marty Supreme" - A24
- "One Battle After Another" - Warner Bros. Discovery (NASDAQ:WBD)
- "The Secret Agent" - Neon
- "Sentimental Value" - Neon
- "Sinners" - Warner Bros. Discovery
- "Train Dreams" - Netflix
Netflix has maintained a consistent presence in the Best Picture category with nominations every year since 2019. Nonetheless, the company has yet to clinch the Best Picture Oscar. By contrast, Apple holds the distinction of being the first streaming company to secure the award with "CODA" in 2022.
Market Sentiment and Betting Odds
Despite their presence among the nominees, Netflix and Apple are not favored in betting markets to claim Best Picture this year. Prediction platform Kalshi assigns the highest probability of winning to Warner Bros. Discovery's "One Battle After Another" at 74%, followed by "Sinners" at 23%. Other contenders such as "Hamnet," "Marty Supreme," and "Bugonia" hold significantly lower chances. Netflix’s nominated films, including "Frankenstein", "Train Dreams", and Apple’s "F1," each receive a 1% or less chance of winning as per these forecasts.
Within the acting categories, Netflix's strongest prospect may be Jacob Elordi’s performance in "Frankenstein," for which he holds a 7% chance to win Best Supporting Actor, the highest probability for any Netflix contender according to Kalshi.
Warner Bros. Discovery’s Dominance and Record Setting
The studio that emerged as the most prolific nominee in the major categories is Warner Bros. Discovery, which amassed 30 nominations. The film "Sinners" alone accounted for 16 nominations, setting a new record for the most Academy Award nominations received by a single film. This surpasses the longstanding record of 14 nominations held by "Titanic," "All About Eve," and "La La Land." Additionally, Warner Bros. Discovery’s "One Battle After Another" posted 13 nominations.
Both Warner Bros. Discovery films feature multiple nominations across key disciplines such as acting and directing, securing their position as favorites in various categories including the prestigious Best Picture.
Upcoming Event and Broadcasting Details
The 98th Academy Awards ceremony is scheduled to air on March 15 on ABC and will simultaneously be available for streaming on Hulu, reflecting the ongoing convergence of traditional and digital entertainment platforms. Both are divisions of Walt Disney Co (NYSE:DIS). Conan O'Brien will reprising his role as host for the second year in a row.
Warner Bros. Discovery’s strong showing at the nominations also coincides with Netflix’s ongoing efforts to acquire the media conglomerate, an initiative that could reshape the entertainment landscape markedly.
Market Performance Context
Current stock performance of the companies involved shows Netflix shares trading lower, reflecting market uncertainty perhaps influenced by the nominations and broader business strategies. Meanwhile, Apple's shares are up slightly, Comcast edges higher, Disney posts a modest gain, and Warner Bros. Discovery experiences a minor decline.