Apple TV+ Makes Oscars History with CODA
Last night, Apple TV+ made Oscars (and streaming) history with the film CODA, which won Best Picture of the Year. This marks Apple TV+ as the first streamer ever to have one of its films win Best Picture of the Year.
CODA was up against several films helmed by major distributors, including Warner Bros., 20th Century Studios, Metro-Goldwyn-Mayer as well as streaming competitor Netflix.
By the end of the night, the race for Best Picture ultimately came down to CODA and Netflix’s The Power of the Dog. As Vanity Fair pointed out, the fact that the winner of Best Picture was between two streamers speaks volumes to the state of the film industry currently. With films distributed by massive corporations like Warner Bros. or Sony often performing far below average in the box office, this has opened the door for the solidification of the credibility of streamers in Hollywood and awards shows alike.
Part of the reason for this win could be the risks that streamers are willing to take over larger and longer-established companies. The LA Times noted that, “Streamers are now the most active financial backers of indie films and festival darlings.” Streamers like Apple TV+ and Netflix (who, although, did not win Best Picture was still nominated for 27 awards) are far more willing to diversify and experiment with the films they produce or distribute.
This Oscars win could not only mean a solidification for streaming services in the eyes of the Academy and other film guilds, but could mean an even further evolution of the film industry as we know it.
