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Netflix slides even after landing 15 Oscar nominations, including best picture

Key Points
  • Netflix slid more than the rest of the market even after receiving 15 Oscar nominations, including one for best picture for "Roma."
  • Netflix received more nominations than any other studio besides Walt Disney Studios and Fox Searchlight.
  • The company has faced pressure as more and more companies have announced they will enter the streaming space.
Netflix Co-founder, Chairman & CEO Reed Hastings attends a Q&A during a Transatlantic Forum in Lille, France.
Sylvain Lefevre | Getty Images

Shares of Netflix slid 4.1 percent Tuesday, even though the streaming company secured 15 Oscar nominations, including a best picture nod for "Roma."

The market overall was in the negative Tuesday amid fears of an economic slowdown, with the tech-heavy Nasdaq Composite Index dropping 1.9 percent. Netflix's relatively greater drop seemed surprising on a morning when its films were being celebrated. Netflix received more Oscar nominations than any other studio besides Walt Disney Studios (16 nods) and Fox Searchlight (15).

VIDEO1:0501:05
Netflix film 'Roma' and Disney's 'Black Panther' score historic best picture Oscar nominations

The best picture nomination for "Roma" was a first for Netflix. The company has continued to place increasing emphasis on its original content as more and more companies have announced they will enter the streaming market. In its fourth quarter 2018 earnings report, Netflix said it is "becoming less focused on 2nd run programming" due to its original content success. Still, it is not abandoning second-run programming.

"We are ready to pay top-of-market prices for second run content when the studios, networks and producers are willing to sell," Netflix said in the letter, "but we are also prepared to keep our members ecstatic with our incredible original content if others choose to retain their content for their own services."

The Academy Awards will air Feb. 24 at 8 p.m. ET on ABC.

Correction: This story has been updated to reflect the correct number of Oscar nominations Netflix secured.

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