Netflix had a major night at the 2026 Academy Awards, with two of its films taking home multiple Oscars and proving that streaming content has firmly established itself as a legitimate force in Hollywood. But while the wins are impressive, they also highlight a stubborn reality: the biggest prize in cinema still remains out of reach for the streaming giant.

Director Guillermo del Toro’s reimagining of “Frankenstein” took home three awards for Best Production Design, Best Costume Design, and Best Makeup and Hairstyling. The film was nominated for nine Oscars total, including Best Picture and Best Supporting Actor, but ultimately fell short of the top prize. Meanwhile, Netflix’s most-watched film ever, “KPop Demon Hunters”, won for Best Animated Feature and Best Original Song, cementing the platform’s growing presence in the awards conversation.

The wins mark another milestone for streaming services at the Oscars. Netflix has previously achieved major success with films like “Roma”, “The Power of the Dog”, and “All Quiet on the Western Front”, all of which won significant awards. Yet despite this track record, no Netflix film has ever won Best Picture. That distinction belongs to Apple, whose film “CODA” became the first streaming film to win the top award back in 2022, during the height of the pandemic.

The fact that Netflix continues to fall short in the Best Picture category despite dominating in other categories reveals something interesting about how the Academy perceives streaming content. It’s as if there’s an invisible ceiling, Netflix can win technical awards, creative awards, and recognition for supporting work, but the ultimate validation of Best Picture remains elusive.

Conan O’Brien, who hosted the ceremony, even took a jab at Netflix’s streaming dominance. When acknowledging Netflix co-CEO Ted Sarandos in the audience, O’Brien joked, “This is exciting: It’s his first time in a theater!” The quip perfectly captured the ongoing tension between traditional theatrical releases and the streaming model that has fundamentally changed how people consume content.

This year, “Frankenstein” competed for Best Picture against Netflix’s own “Train Dreams” and Apple’s “F1” (which won for Best Sound), but the award ultimately went to “One Battle After Another”. It’s worth noting that the Best Picture race now includes multiple streaming contenders, which would have been unthinkable just a few years ago.

While Netflix may not have taken home the biggest prize, the night demonstrated that the platform’s investment in high-quality, prestige content is paying off. With three Oscars across two films, Netflix continues to prove that streaming isn’t just a convenient way to watch content, it’s a legitimate creative medium worthy of industry recognition.