Netflix Shares Hit Red Territory Despite 13 Oscar Nominations

Shares of streaming giant Netflix were sliding more than the rest of the market on Tuesday, despite the company pulling in more than a dozen Oscar nominations.

Netflix has now received more nominations, including a best picture nomination this year, than any other studio except for Fox Searchlight or Disney. Fox Searchlight has 15 nominaitions while Walt Disney Studios has 16. Netflix follows with 13.

The company’s film “Roma,” directed by Alfonso Cuarón, has been nominated for best picture. This is the first time Netflix has scored this nomination and it is the first film to win this nomination that was distributed by a streaming service.

“Roma” earned 10 nominations total which include best director, best original screenplay and best cinematography. The film is the tenth foreign language film nominated for best picture.

“Thank you to the Academy for recognizing ‘Roma’ across these categories,” Cuarón stated. “Human experience is one in the same, and it’s so gratifying that a black and white film about life in Mexico is being celebrated around the world. We are living a great moment in cinema where diversity is embraced by audiences. This kind of visibility pushes our industry forward and creates more opportunity for new voices and perspectives to emerge.”

In its fourth quarter 2018 earnings report, Netflix said, “We are ready to pay top-of-market prices for second run content when the studios, networks and producers are willing to sell, but we are also prepared to keep our members ecstatic with our incredible original content if others choose to retain their content for their own services.”

The Academy Awards will air on ABC on Feb. 24 at 8 p.m. ET.

In separate news, a CNBC report has revealed that Netflix is expected to join the Motion Picture Association of America.

Disclaimer: We have no position in Netflix, Inc. NASDAQ: NFLX) and have not been compensated for this article.