"Parasite," a South Korean-made capitalist satire, won best picture at last night's Oscars, becoming the first foreign film to take home the coveted award in an evening marked by a raft of surprises - and little recognition for Netflix (NFLX) - Get Report.
Director Bong Joon-ho also won best director for his Korean-language black comedy about an impoverished family that infiltrates a wealthy household in Seoul, a surprise decision that left well-funded hits such as "The Irishman" without a major award.
Netflix did, however, come away with two notable gongs --- one in the form of Laura Dern's Oscar for best supporting actress as Nora Fanshaw in the acclaimed domestic drama "Marriage Story" -- but with a studio-high 24 nominations the results have to be seen as disappointing for a company facing intense competition in both creative and streaming endeavors.
Netflix also garnered a second Oscar with "The American Factory," a documentary produced by Barack and Michelle Obama's Higher Ground Productions and acquired by Netflix in 2019, that chronicles the fate of a glassmaking facility in Ohio that is taken over by Chinese investors in the wake of the global financial crisis.
Walt Disney (DIS) - Get Report had a stronger Oscar night, however, picking up four Academy Awards after buying 20th Century Fox's studio assets last year. Disney won Best Animated Feature with "Toy Story 4," and collected gongs for Best Film Editing and Best Sound Editing for "Ford V Ferrari." Fox's "Jojo Rabbit" was also awarded with Best Adaptable Screenplay.
Other notable winners from the 92nd Annual Academy Awards included Joaquin Phoenix as Best Actor for his role in "Joker" and Renee Zellweger for Best Actress in her role legendary performer Judy Garland in "Judy."
Brad Pitt was recognized as Best Supporting Actor for his role in "Once Upon a Time In Hollywood," while Quentin Tarantion's sprawling period piece centered around a three-day span in Los Angeles in the late 1960s, which also won Best Production Design.