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Amazon, Netflix bask in Oscar glory

12:04pm EST - 01:12

Amazon.com and Netflix collected the first Oscars for streaming services, while independent studio A24 won the coveted best picture Academy Award. Fred Katayama reports.

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Silicon Valley crashed Hollywood's biggest awards show on Sunday. Amazon Studios took a best actor Oscar award for Casey Affleck's portrayal of a grieving man in "Manchester by the Sea." The movie also won best original screenplay. It got another Academy Award for best foreign language film for the Iranian drama, "The Salesman." Amazon distributed that film in the United States and Canada. Netflix triumphed in the documentary short-subject category with its 40-minute film "The White Helmets," a look at rescue workers in war-torn Syria. Oscars are part of brand building for tech companies venturing into Hollywood, says Max Wolff of 55 Capital. (SOUNDBITE) MAX WOLFF, MARKET STRATEGIST, 55 CAPITAL, (ENGLISH) SAYING: "Whether it's "Manchester by the Sea" and winning awards, or just taking a market share from other providers, what HBO once did, shaking up the movie business, it looks like Netflix and Amazon are doing across the board, making films, resuscitating television and film franchises based on their data, and repackaging, and reselling the old, as well as inventing the new." Amazon paid $10 million for "Manchester by the Sea" at the Sundance film festival. The movie has earned close to $47 million at domestic theaters, and it will appear later this year on Amazon's Prime Video service.

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Amazon, Netflix bask in Oscar glory

12:04pm EST - 01:12