For decades, winning an Oscar has been a symbol of excellent filmmaking and acting, often leading to higher box earnings and a prestigious look in the film industry. However, with the rise of streaming and a change in audience habits, does winning an Academy Award still have the same economic impact?
Traditionally, the concept of an Oscar nomination was known as a “box office bump” with films then receiving extended theatrical runs and an increased amount of ticket sales. Parasite (2019) and The King’s Speech (2010) saw post-win revenue spikes, proving the impact of the power of the awards. However, in this up-and-coming streaming era, this impact looks very different. Instead of driving theater attendance, Oscar nominations and wins have boosted streaming on platforms such as Netflix, Apple TV, and Amazon Prime. For example, after CODA won Best Picture in 2022, its viewership surged on Apple TV, demonstrating that awards still drive engagement— just in a new format.
In an era where audiences now rely on social media, reviews, and streaming algorithms more than awards to pick what movie they’re going to watch, many have begun to argue whether the Oscar has lost its influence. However, for independent studios and smaller productions, an Oscar can be game-changing. A24, known for films like Everything Everywhere All at Once, has rapidly gained Oscar success— elevating its brand and attracting many top-talent actors. At the same time, Oscar-winning films don’t always translate cultural relevance. Many “Best Picture” winners tend to struggle to gain public attention compared to the typical box-office attractors like Avatar or Spider-Man. This shift raises many questions about whether the Academy Awards still reflect audience preferences or if they just serve industry insiders.
With these streaming platforms now becoming dominant players in the Oscar race, the traditional model of awards-season economics is evolving. Studios used to rely heavily on re-releases to be compatible with Oscar buzz, but now, streaming services push for nominated films to be in your curated recommendations.
So, does winning an Oscar still matter? While winning an Oscar may no longer guarantee massive box office earnings, the awards still provide value in film visibility, credibility, and long-term industry influence. The economics of the Oscars have changed, but their impact on the Hollywood industry remains just as significant.