Netflix wins big at Oscars but misses Best Picture again

Netflix secured multiple victories at the Academy Awards tonight, with two of its films winning a combined five awards. The film Frankenstein, directed by Guillermo del Toro, won three Oscars, taking home awards for Best Production Design, Best Costume Design, and Best Makeup and Hairstyling. Meanwhile, another Netflix production, KPop Demon Hunters—which is the streaming service’s most-watched movie ever—took home two Academy Awards during the ceremony, winning in the categories of Best Animated Feature and Best Original Song.

Despite these wins, the top prize of the night remained out of reach for the company. Frankenstein had entered the ceremony with nine Oscar nominations, including nods for Best Picture—the top Academy Award category—and Best Supporting Actor. Netflix also had another contender in the top category with Train Dreams, while competitor Apple was nominated for F1, which won for Best Sound. However, the Best Picture award went to One Battle After Another. To date, Apple’s CODA, which was released near the height of the pandemic, remains the only streaming film to win Best Picture, leaving Netflix still searching for its first win in the prestigious category.

The presence of streaming platforms at the Academy Awards has grown significantly in recent years. Films produced and distributed by streaming companies have become a steady presence at the Oscars, with previous Netflix releases such as Roma, The Power of the Dog, and All Quiet on the Western Front winning major awards. Despite this established track record of securing major accolades, the ultimate prize of Best Picture continues to elude Netflix, even as other streaming services have managed to secure the top honor.

The streaming company’s presence at the event was also a point of discussion during the broadcast. Host Conan O’Brien noted the presence of Netflix co-CEO Ted Sarandos at the beginning of the ceremony, acknowledging him in front of the audience. O’Brien joked, “This is exciting: It’s his first time in a theater!”

Why it matters

Netflix continues to demonstrate its production capabilities with multiple wins, yet the industry’s top prize—Best Picture—remains elusive for the streaming service.