By
Mayowa Adebajo
February 13th, 2024
Netflix stock closed 0.63% down on April 23, at $505.55, and continued to plunge after hours. However, in the pre-market trading today, NFLX shares added 0.28% to $506.95.
On Sunday, the 93rd Annual Academy Awards took place in Los Angeles. This year, Netflix Inc (NASDAQ: NFLX) made history by winning 7 awards and doubling its all-time collection of Oscar wins. The streaming service provider had 36 Oscar nominations throughout 17 movies, which is the most impressive result achieved in a single night.
In particular, Netflix proved to be the best in the following nominations:
- Best hairstyling and makeup for “Ma Rainey’s Black Bottom”;
- Finest costume design for “Ma Rainey’s Black Bottom”;
- Best documentary feature for “My Octopus Teacher”;
- Best live-action short for “Two Distant Strangers”;
- Most impressive animated short for “If Anything Happens I Love You”;
- Best production design for “Mank”;
- Best cinematography for “Mank”.
Notably, David Fincher’s movie “Mank” was nominated in 10 categories, but won two only. “Ma Rainey’s Black Bottom” was a big surprise as well. Accepting the Oscar for Best Makeup and Hairstyling for “Ma Rainey’s Black Bottom,” hair department head Mia Neal and Viola Davis’ personal hairstylist Jamika Wilson became the first Black women to win this nomination.
With seven new awards, Netflix has now 15 Oscar wins.
With awards for Best Live Short, Best Animated Short, and Best Documentary, Netflix lost the best picture to Disney-owned Searchlight’s “Nomadland”. Notably, The Walt Disney Company (NYSE: DIS) has got five Oscars this year, including three wins for “Nomadland” and two for “Soul”.
This year, the ceremony was different because of the pandemic impact. Firstly, it was held at several locations, at both Union Station and the Dolby Theatre. Secondly, it took place after a two-month delay. Initially, it was scheduled for February 28. Further, safety protocols included limited audience capacity to 170 people. Besides, attendees had to take a temperature check upon entry to the venue and take at least three COVID-19 tests before the ceremony. Wearing face masks was also mandatory.
Oscar Does Not Rescue Netflix Stock
After receiving 7 awards, Netflix expected its stock to recover after a significant plunge. Netflix stock closed 0.63% down on April 23, at $505.55, and continued to plunge after hours. However, in the pre-market trading today, NFLX shares are trading with a 0.28% rise to $506.95. Netflix’s market cap totals $224.15 billion. Year-to-date, Netflix shares are 6.51% down.
Netflix stock has been losing ground lately. Recently, we reported that the company did not meet its subscriber target in Q1 2021. During the first three months, Netflix said that the global paid net subscriber was 3.98 million while analysts expected 6.2 million, according to a survey by FactSet. New customers totaled 1.8 million in Europe, 1.36 million in Asia, and 360,000 in Latin America, which is quite below Netflix’s potential. In the first quarter of last year, Netflix recorded a total of 15.8 million paid subscribers. In addition, the company is facing fierce competition from other online streaming providers. Among its major rivals are including HBO Max, Apple TV, Disney+, Amazon Prime, and Hulu.