Kevin Craig, chief executive of communications and campaign agency PLMR, says NO.
Netflix has broken nothing yet. In fact, the Oscars this year are a clear example of the establishment digging in its heels in the face of technological disruption.
Despite Netflix’s best efforts, the tech giant failed to scoop the coveted Best Picture award that it so desperately wanted. It was still a good night for Netflix, but streaming services are yet to translate their huge popularity among consumers to critical acclaim at the very highest level.
This matters. Although Roma only cost around $15m to make, Netflix invested double that (a record) in its Oscars campaign. From billboards to promotional parties, this huge lobbying effort fell short, and proves that Netflix is yet to break the studios’ iron grip.
Of all the sectors that have been subject to disruption over the years, the film industry is one that is showing great resilience. There is no doubt that Netflix will be back for another go next year; bigger and better. The question is, how long can the Hollywood establishment hold its nerve?