Netflix may have had the most nominations heading into the 92nd Academy Awards, but it didn’t take home the most prizes. With so few wins this year, some analysts are questioning Netflix’s overall film strategy.
Take "The Irishman." Netflix shelled out around $150 million, not including what was spent on marketing. "Marriage Story" had a budget of around $18 million, and "The Two Popes" cost around $40 million, which allowed the production to be shot in Italy and Argentina.
But if you look at subscriber trends, Netflix's domestic subscriber growth has been anemic in recent quarters, the result of growing competition from rival players like Disney entering the streaming space. Soon the arena will become more crowded as NBCUniversal launches Peacock and WarnerMedia launches HBO Max."Our low membership growth in UCAN [United States and Canada] isand to US competitive launches," Netflix said in a letter to shareholders in January.
Netflix has been available in every country except for China since 2016, but better broadband internet access in developing countries has helped boost membership. It also offers cheaper mobile-only plans in markets like India, Malaysia and the Philippines.While this was going on, "The Irishman," "Klaus" and "The Two Popes" — three of Netflix's Academy Award-nominated films — were released on the streaming platform.
A more recent example is Universal's "1917." The World War I film had a production budget of around $100 million and has tallied nearly $300 million at the global box office, three times its initial budget. And it's still in theaters. Actor Casey Affleck with his award for best actor in 'Manchester By The Sea' and Amazon SVP Jeff Blackburn attend the Amazon Studios Oscar Celebration at Delilah on February 26, 2017 in West Hollywood, California.Also, having a film go to theaters first allows studios to make money at several different points over the course of the film's lifetime.
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