Netflix's (NASDAQ: NFLX) efforts to produce premium content have been rewarded at this year's Oscar nominations.
The company's crown jewel, "Roma," received 10 nominations. It also received five other nominations, including three for "The Ballad of Buster Scruggs" by the famed Coen brothers.
Roma's nominations include the Best Actress in a Leading Role and Best Actress in a Supporting role categories, for which actresses Yalitza Aparicio and Marina de Tavira were nominated respectively.
"Roma" is a different approach to content for Netflix, which has previously produced hit television shows and popular films not generally recognized for artistic merit. It's a niche film that caters to film critics and eclectic festival-goers. It cost a mere $15 million to produce, not including an elaborate promotional campaign funded by Netflix.
Still, it's unclear if Netflix will gain acceptance as a serious contender in the arthouse cinema industry. Netflix pulled out of the Cannes Film Festival last year because it didn't meet France's theatrical distribution requirements. Some indie theaters such as Alamo Drafthouse refused to screen Roma due to Netflix's particular conditions, which included a four-week run of 70 mm for all screenings.
Disney (NYSE: DIS) is another major company that appears primed to enjoy an Oscar award sweep, thanks to nominations for "The Mouse House," "Solo: A Star Wars Story" and "Black Panther."
The nominations were not enough to keep Netflix's stock from falling. It has struggled since released an earnings report that, though in line with expectations, disappointed investors accustomed to seeing Netflix over-deliver. Competitor Hulu also hasn't helped matters by slashing prices 25% to lure customers to its service.
The Oscars will take place on Sunday, February 24.