“￼CODA” took home the award for Best Picture at the Oscars on Sunday night, and one analyst thinks the win for Apple TV+ could lead to a major boost in subscribers to the streaming service.
Joe Woelfel for Barron’s:
The win for “CODA,” released on Apple TV+, is the first time a streaming service won the top prize at the Academy Awards.
Wedbush’s Dan Ives said in a note prior to the Academy Awards that if Apple (ticker: AAPL) was to win the best picture award, “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 estimated that Apple has roughly 25 million paid subscribers on the platform and roughly 50 million global accounts. Netflix has about 222 million subscribers.
The [Best Picture win] for “CODA,” Ives said, should help accelerate subscriber growth and “will give Cook & Co. more confidence around potentially doubling their content efforts over the next year.”