The Oscars witnessed a triumphant performance from films like Universal Pictures’ Oppenheimer, which took home seven wins. While traditional studios raked in the awards, streamers were nearly shut out of the Oscars: Netflix (NFLX) earned 32 nominations, but walked out with a single statue. Chris Fenton, producer and author of “Feeding The Dragon,” and Andrew Stachler, CEO of Max Stax Media, to join Yahoo Finance Live and discuss the Oscar’s fallout.
Fenton notes that Oppenheimer’s seven wins “rewarded this premium experience” of watching a movie in theaters despite the availability of streaming services. Fenton points out that franchises such as “Dune,” “Mad Max,” and “Joker” have the potential to achieve similar levels of success at next year’s Oscars for their “premium, out-of-home experience.”
With massive advertising dollars spent to promote talent, Stachler explains why such spending is necessary. He notes that as talent wins awards, “it impacts their careers” and brings attention to the studios that create the movies. However, Stachler acknowledges that the way Oscar wins used “to drive theatrical box office campaigns” no longer has the same effect nowadays.
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Editor’s note: This article was written by Angel Smith