Daily Management Review

A Share of Oscar Glory Grabbed by Amazon, Netflix


02/27/2017




A Share of Oscar Glory Grabbed by Amazon, Netflix
While independent studio A24 won the coveted best picture Oscar, and as Amazon.com Inc and Netflix Inc collected the first Academy Awards for streaming services, Silicon Valley crashed Hollywood's biggest awards show on Sunday.
 
Amazon and Netflix joined the ranks of the film industry's elites with four gold statuettes between them after upending television with acclaimed online series.
 
For Casey Affleck's portrayal of a grieving man in "Manchester by the Sea," Amazon Studios, a unit of e-commerce giant Amazon.com, scored a best actor trophy. The award for the best original screenplay was also won by the movie.
 
For Iranian drama "The Salesman," which Amazon distributed in the United States and Canada, Amazon bagged the award for the best foreign language film adding to its accolades.
 
For its 40-minute film "The White Helmets," a look at rescue workers in war-torn Syria, Netflix triumphed in the documentary short-subject category.
 
But with its best picture Oscar for "Moonlight," a drama about a gay black youth coming to terms with his sexuality in an impoverished Miami neighbourhood, the most prestigious award of the night was won by A24, a small independent studio founded in 2012.
 
And by Hollywood standards the movie was produced with a tiny budget of $1.5 million.
 
The filmmakers thanked A24 for taking a chance on the coming-of-age tale.
 
"It was outside the model of what a movie should be, in terms of return on investment," producer Jeremy Kleiner told reporters backstage. The Oscar victory "hopefully creates some incentives to make movies like this," he said.
 
According to comScore data, noting the smallest take among the best picture nominees, "Moonlight" had brought in $22.3 million in domestic ticket sales through Sunday.
 
Theater, DVD and digital sales for the winning films could be boosted by Oscar recognition. comScore said that after the award, last year's best picture honoree, "Spotlight," took in $5.9 million at U.S. and Canadian theatres.
 
To help win customers to their subscription video services, the accolades provide bragging rights they can use in marketing for Amazon and Netflix.
 
"It will make them a must-subscribe destination for film fans," said Paul Dergarabedian, senior media analyst at comScore.
 
At the Sundance film festival, Amazon paid $10 million for "Manchester by the Sea". The movie will appear later this year on Amazon's Prime Video service  and has earned $46.8 million at domestic theatres.
 
Among all studios, Walt Disney Co won four including best animated feature for "Zootopia" and best documentary for ESPN's "O.J.: Made in America."and Lions Gate Entertainment Corp took home the most trophies including six wins for musical romance "La La Land" and two for "Hacksaw Ridge".
 
(Source:www.reuters.com) 






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