The growing popularity of subscription video-on-demand (SVOD) platforms was highlighted at Sunday’s Oscar awards ceremony, after Apple Inc.’s APPL “CODA” won the Best Picture Award

What Happened: Released by Apple TV+, “CODA” became the first movie produced by a streaming service to win the prestigious award at the 94th Annual Academy Awards ceremony in Los Angeles. The film – with a predominantly deaf cast – won a total of three awards.

“CODA” beat out streaming giant Netflix Inc’s NFLX “The Power of the Dog” and “Don’t Look Up”, as well as contenders from traditional Hollywood studios to win the coveted award.

However, Netflix won an award after Jane Campion won the best director award for “The Power of the Dog.”

See also: ‘The Slap:’ Did Will Smith Really Just Slap Chris Rock’s Face at Oscars?

Why it matters: Netflix had a total of 27 Oscar nominations for films, including “Don’t Look Up” and “The Lost Daughter,” the musical “Tick, Tick… Boom!” and animated film “The Mitchells vs. the Machines.”

Meanwhile, AMZN Amazon Studios of Amazon.com Inc. and DIS Disney+ from Walt Disney Co. won no awards this year, despite nominations in several categories.

SVODs emerged as big winners during the COVID-19 pandemic due to theater closures and people being forced to stay at home. Netflix and Disney+ pride themselves on having millions of subscribers worldwide.

Last year, Netflix took home seven Oscar awards, while Disney took home five awards and Amazon Prime Video took home two Oscar wins.

Price Action: Apple shares closed nearly 0.4% higher during Friday’s regular trading session at $174.72 and further rose about 0.2% in the after-hours session to $175.00, according to data from Benzinga Pro.

Read next: Apple scores Oscars win with ‘CODA’: Analyst sees big subscriber and content boost for tech giant from ‘monumental moment’

Photo Courtesy of: Apple

This post Apple beats Netflix to win Best Picture Oscar as online streaming takes center stage was original published at “https://www.benzinga.com/general/entertainment/22/03/26315447/apple-beats-netflix-to-win-best-picture-oscar-as-online-streaming-takes-the-limelight”