• Netflix's big night at the Golden Globes signals it could finally win the best picture Oscar.
• The irony? After years of campaigning, it doesn't matter much anymore, media analysts say.
• Netflix's status in Hollywood is cemented, and it's making waves elsewhere.

Netflix has spent years hunting for a best picture Oscar, and this year, it might finally get one. The twist: If it does, the win won't matter all that much to the streamer's business.

Netflix won big at the Golden Globes Sunday, crowing on its blog that the Spanish-language crime musical "Emilia Pérez" took "center stage" with four trophies, including a coveted Best Motion Picture prize in the musical or comedy category.

"Baby Reindeer" added to its haul with two awards, and Ali Wong took home a statue for her standup special. Netflix execs Ted Sarandos and Bela Bajaria received effusive shout-outs from the podium.

Netflix has spent millions of dollars over the years on Oscar campaigns but always come up short in the best picture category, the pinnacle of Hollywood glory. While Golden Globe and Oscar winners don't always intersect, the momentum for "Pérez" could mean the statue is finally in Netflix's crosshairs.

But the Oscar won't mean as much to Netflix as it would have a few years ago, industry analysts told Business Insider. Netflix has already won the streaming wars, and other areas of focus — like its live sports push — are more consequential to its current strategy.

"Winning best picture would be a nice PR win," Ross Benes, an EMARKETER senior analyst, told BI. "But business-wise, it would not matter all that much. Netflix already has convinced the top filmmakers and actors in the world to work with them."

Benes said that particularly with box-office returns down, "It's more clear than ever that the best movies go straight to streaming sometimes."

COVID also marked a "sea change" in the blurring of these lines after some top films began premiering on streaming services, said Robert Rosenberg, a former Showtime executive and a principal at Telluride Legal Strategies.

"The legitimacy question has basically been laid to rest," Rosenberg added, referring to whether Hollywood had fully accepted Netflix movies.

"Winning best picture would just be another feather in their cap," he said.

Netflix declined to comment.

Netflix's narrative has shifted

Netflix has been nominated for best picture several times — including noteworthy contenders like "Roma" and "The Power of the Dog." But Apple TV became the first streamer to cross the best picture threshold with "CODA" in 2022.

More recently, Netflix's aspirations have focused less on the red carpet and more on areas like the pro wrestling ring. The streamer has been increasingly scooping up sports rights and hosting massive broadcasts of boxing matches and NFL games as it builds an ad business.

Rosenberg called live content "a key new battleground" for Netflix. "I think we're going to see them get more aggressive in that area going forward," he said.

This week, Netflix will premiere "Monday Night Raw" — the first fruits of its multibillion-dollar deal with the WWE.

"Netflix laid the smackdown on traditional TV," Benes said. "It is enjoying its Hulkamania reign."