Hollywood is already embracing the mood of hosting, this year’s Sundance Film Festival. Hollywood’s biggest players are up to speed putting their acts together perhaps playing safe to an event that is still more than a month away. Netflix, Inc.(NASDAQ:NFLX) and Amazon.com, Inc. (NASDAQ:AMZN) are among big timers that are seeking for the Oscar nominations. Currently, La La Land, which frisked away seven Golden Globe wins seems to be the favorite for the most Oscar nominations. However, it is just a matter of time before this year’s Academy Awards nominations can be revealed.
Earning a nomination will be a huge milestone for Amazon
As every star seeks to embrace a nomination in their different genres, Amazon is hoping to have its movie, Manchester by the Sea get a slot. In last year’s Sundance Film Festival the e-commerce giant spent $10 million buying rights for the movie. On the other hand, Netflix is said to have spent $20 million for the distribution rights of its The Birth of a Nation.
Apparently, the two streaming services spend billions of dollars each year in the engagement of something of a content arms race. They are both so keen on increasing their production and distribution of original content that can challenge traditional television and film studios.
A tight race into winning the Sundance event
Many companies have had to spend large expenditures to match the early hype surrounding the impending event. Surprisingly bidding wars have also been known to break out as studios fight over films they think could make it big. Nonetheless, it remains to be seen how much more the studios are willing to spend this year even though massive healthy competition is still expected.
Talking of competition, Netflix already snatched up a documentary about the murder of JonBenet Ramsey earlier in the month. Its counterpart Amazon was up with another four-hour film documentary, which cost more than $6 million.
Nonetheless, it is not know how many films Amazon is planning to acquire at Sundance this year. Meanwhile, Amazon’s stock closed at 808.33 a decline of $0.71 or 0.09% while that of Netflix was trading at $138.60 an increase of 0.19 or 0.14%.