2026 Oscar Nominations Show How Much Is at Stake for Studios

The Oscar nominations are in, and it’s clear that for studios, it’s one battle after another this award season. However, amid ongoing M&A, winning those battles is even more important.

The 98th Academy Awards are slated for March 15, with Conan O’Brien set to return as host. Last year’s awards saw a ratings boost to around 19.7 million viewers despite streaming glitches during the Oscars’ first year on Hulu and Anora, a relatively small film, emerging as the awards darling.

Now, with the nominations in thanks to a livestream hosted by Danielle Brooks (The Color Purple) and Lewis Pullman (The Testament of Ann Lee), here are some quick takeaways that may clue viewers in on what to expect this time around.

Sinners sets record

Though it’s just the nominations, Ryan Coogler’s Sinners is already the big winner, nabbing 16 nods—including Best Director and Best Picture—to set the all-time record. The previous record of 14 nominations was held by All About Eve (1950), Titanic (1997), and La La Land (2016). The record for wins is 11, held by Ben-Hur (1959), Titanic, and The Lord of the Rings: The Return of the King (2003).

Meanwhile, Paul Thomas Anderson’s One Battle After Another racked up 13 nominations, joining Sinners in the Best Picture category, alongside Frankenstein, Bugonia, Hamnet, Marty Supreme, Sentimental Value, Train Dreams, F1, and The Secret Agent.

With Sinners, One Battle After Another, and F1—which had Warner Bros. Pictures behind distribution—being major players in this year’s Oscars, it may be Warner Bros. Discovery’s race to lose, which could mean higher stakes amid the uncertainty surrounding the studio’s future.

WBD is making a case for movies

With Netflix moving to close its $83 billion acquisition of WBD—and Paramount continuing to contest the deal—WBD made its case for theaters with its Oscars nods. The studio led all competitors with 30 nominations, largely thanks to the awards dominance of Sinners and One Battle After Another. Neon reportedly came in second place with 18 nominations, and Netflix was third with 16.

Netflix’s acquisition of WBD, announced in December, sent shockwaves through the entertainment industry, largely due to the streamer’s long-standing aversion to the theatrical business, causing Cinema United, a trade association representing theater owners, to state it was “deeply concerned” about the transaction, consolidation, and its impact on jobs.

Interestingly, Netflix has recently changed its tune on theaters as its deal with WBD continues.

Directly following the deal announcement last year, co-CEO Ted Sarandos noted he’d like to see theatrical windows “evolve,” which caused a stir in the theater community as shorter windows and fewer releases would hurt the industry. However, as time has gone on—and WBD has, coincidentally, racked up awards and nominations—the Netflix co-CEO has taken a more conservative stance, stating that WBD movies would be given a standard 45-day window at the box office.

Will success at the Oscars help WBD’s movie business as it transitions to Netflix’s control? Well, it couldn’t hurt.

More ad integrations are likely on the way

Ahead of the Oscars switching to YouTube in 2029, Disney is likely going to try to cash in on all the value it can. That means more ad integrations are likely on the way.

After all, Disney has already said the Oscars are pacing ahead of where they were last year, according to Variety, with the company typically seeking more than $2 million for a 30-second spot. The increased interest is likely due to the ratings boost, but also Disney’s success with ad innovations at past shows.

The Mouse House has already been implementing more ad innovation in its recent Oscars ceremonies, with Disney teaming with first-time sponsor Prudential for a cinematic four-part mini movie highlighting behind-the-scenes artisans at the 97th Oscars. Meanwhile, the 96th Oscars featured Jimmy Kimmel and Colman Domingo partnering for a Don Julio stunt during the ceremony.

Notably, WBD, this year’s Oscars frontrunner, rolled out its Storyverse ad format at its last upfront presentation. WBD Storyverse gives top partners access to Warner Bros. Discovery’s library of IP, including titles such as Harry Potter, Friends, and The Big Bang Theory.

With WBD being the major player at this year’s ceremony—and brands looking to be a bigger part of live events as viewership fragments—its IP might not even need awards to win big.