Netflix's 24 nominations ranks higher than any other major studio or specialty distributor, include two spots in the best picture category: Martin Scorcese's "The Irishman" and Noah Baumbach's "Marriage Story."
Last year Netflix headed into the Oscars with 15 nominations but walked away from a winner only once. Laura Dern won best supporting actress in "Marriage Story."
Why It's Important For Netflix And Hollywood
Netflix has been on a mission over the past few years to convince A-list actors and A-list directors to work with them and still have an opportunity to win an Oscar, CG42 founder and managing partner Stephen Beck said on Fox Business. Monday's plethora of nominations "matters" for the industry as it further validates the Netflix business model.
However, it would be unfair to say Netflix has the best content outright. Instead, each streaming platform can make their arguments as to why they are best, he said. Amazon.com, Inc. (NASDAQ: AMZN) can point to its success across various formats, like the Manchester City documentary or TV series like 'Man in the High Castle.' Meanwhile, streaming newcomer Walt Disney Co (NYSE: DIS) is backed by a "wealth" of franchises.
The main question investors will be on the lookout for is which streaming platform is able to succeed on a consistent basis, Beck said. The content needs to consistently keep viewers' attention over a long period.