Netflix, Inc. (NASDAQ: NFLX)
Streaming giant Netflix Inc. is going all-in on positioning Martin Scorsese’s new gangster film called The Irishman as a serious Oscar contender. The movie, which aired midway through the Academy Awards telecast earlier this week, is expected to hit theaters in fall 2019, according to Netflix.
The Martin Scorsese film is based on the book I Heard You Paint Houses by Charles Brandt and is going to feature stars like Robert De Niro, Joe Pesci and Al Pacino.
The streaming service has never given any of its films a wide theatrical release before. It has been willing to release its movies in theaters in the past, but declined to grant those theaters exclusive release windows.
Netflix spent quite a fortune (between $25 million and $30 million) trying to win Roma the best picture Oscar, but was unsuccessful. The black-and-white film, which is directed by Alfonso Cuaron, was considered a front-runner for the top Academy Award.
It received 10 nominations that included best picture, best director, best cinematography, and best foreign language film, and went ahead to clinch the latter three. The film also won four BAFTAs – best director, best cinematography, and best film – and two Golden Globes including best foreign-language film and best director.
Netflix also won the best documentary award for Period. End of Sentence. Although the company has taken home an Oscar trophy in the past, it still faces obstacles trying to make a declarative statement at Hollywood’s most glamorous and high-profile event.
Amazon Prime and Hulu are also spending heavily for awards primacy. The latter beat Netflix to the punch for the first-ever Best Drama Emmy win by an online streaming company in 2017 for its show The Handmaid’s Tale. Amazon’s The Marvelous Mrs. Maisel show also won the Emmy award for best comedy.
Netflix is spending a lot of money compared with its major streaming rivals and continues to excel in TV series and movie production. But getting the ultimate Hollywood accolade would be one of the best ways for the company to show value to its shareholders and subscribers later this year.
Shares of Netflix are up 34 percent since the beginning of this year to date. The 12-month potential price target for the stock stands at an average $387.46 per share, meaning that it has an upside potential to rise by 6.78% from its current trading price.
The Irishman Teaser
Netflix, Inc. Profile
Netflix, Inc. is an Internet subscription service company, which provides subscription service streaming movies and television episodes over the Internet and sending DVDs by mail. It operates through the following segments: Domestic Streaming, International Streaming and Domestic DVD.
The Domestic Streaming segment derives revenues from monthly membership fees for services consisting solely of streaming content to its members in the United States. The International Streaming segment includes fees from members outside the United States.
The Domestic DVD segment covers revenues from services consisting solely of DVD-by-mail. The company was founded by Marc Randolph and Wilmot Reed Hastings Jr., on August 29, 1997 and is headquartered in Los Gatos, CA. – CNN Money