Score a big win for Apple (AAPL) at the Oscars and maybe a big loss for streaming content rivals.
On Sunday, "CODA" became the first film from a streaming service to win best picture at the Oscars by beating our favorite "The Power of the Dog" from Netflix (NFLX).
Troy Kotsur won best supporting actor for his role in "CODA" and writer-director Sian Heder took home the award for the best adapted screenplay.
Shares of Apple fell slightly in pre-market trading on Monday.
Apple's big award domination at the Oscars could have a halo effect on its streaming ambitions, contends tech analyst Dan Ives at Wedbush.
"If Apple was to win the coveted best picture award with CODA it would catalyze more A+ talent coming to Apple first (or in the top bracket) and could propel Cupertino's content efforts by multiples over the coming years with a major paid subscriber boost," Ives said prior to the Oscars.
Ives estimates Apple has roughly 25 million paid subscribers on its Apple TV+ platform and 50 million accounts globally. But the big Oscars wins may push Apple to spend more than its communicated $7 billion annual on original content in a bid to wrestle away market share from the likes of Netflix and Amazon.
Added Ives, "We believe the company is gearing up to ramp original content and also bid on a number of upcoming sports packages (NFL Sunday Night Ticket) coming up for contract/renewals in future years. Taking a step back, Apple TV+ is a small, but highly strategic component of the overall services ecosystem ($80 billion annual revenue in FY22) that is becoming a key monetization engine for the company over the coming years to tap its golden and unmatched installed base."
Meanwhile, the strong night at the Oscars could perhaps even add more fuel to an already rallying Apple stock price.
Apple's stock has rallied about 15.5% in the past eight sessions, points out BTIG chief market technician Jonathan Krinsky. That is one of the biggest moves in Apple's stock in the past decade, Krinsky's research shows.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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