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).
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.