The 98th Oscar Nominations Sinners Makes History

The nominations for the 98th Academy Awards were announced today, and the entire town of Hollywood seems to be talking only about one movie, Sinners, which by all definitions is a grungy independent film released by A24, that has earned 12 Academy Award nominations. The film has set a milestone, now tying for third place for most Academy Award nominations for a single film, alongside Titanic and All About Eve. This shows that a smaller film can break through during an era of larger theatrical releases. For production companies and indie filmmakers, taking risks on fresh talent and ideas outside the usual mold can pay off, especially when they stay true to what they believe is best for the project.

The excitement of nominations leads to bigger dreams, bigger deals, and we should look closely at Sinners' historic accomplishment and the impact it is going to have on the entertainment industry, as well as why it will signify a potential shift for many content creators globally.

Sinners: The Film that Defied Expectation

• Directed by Ryan Coogler and featuring Michael B. Jordan, the movie revolves around two twins entangled in music and supernatural horror in 1930s Mississippi in a new take on Black Southern Gothic.
• In addition to the nominations for Best Picture, Best Director (Ryan Coogler), and Best Actor (Michael B. Jordan), there is also a nomination for Best Supporting Actor (Delroy Lindo), as well as Best Supporting Actress (Wunmi Mosaku). The movie earned nominations in various technical categories, including Cinematography and Score.
• With 12 nominations total, the film surpassed two of the leading contenders this year One Battle After Another with 11 nominations and Hamnet with 10 nominations.

What's switched for it?

• Tremendous praise from critics for its emotional storytelling and contextual relevance resulting in a box office total of $180 million with a production cost of only $40 million this is certain to encourage competitors.
• The A24 way of operating also helped drive buzz through word-of-mouth during the festival circuit leading to an increase in the number of theatres showing the film, due to its success as a sleeper hit.
• Those involved in the film industry have a lot to learn from the trends of the success of this project; with mid-level original films costing between $30 million to $50 million achieving a better return on investment than films that cost $200 million. The festivals were used to build momentum, and hype led to moments of on-demand viewing on Video on Demand services.

Contenders for Our Major Categories

The field is very competitive but at the same time appears to be leveling out. The most prominent contender in the field is Paul Thomas Anderson’s large scale War Epic One Battle After Another as evidenced by all the nominations that Leonardo DiCaprio (Actor) and his ensemble have received along with the significant backing from Warner Bros.'s vast resources.

 

Category	Sinners Nods	Top Competitors
Best Picture	Yes	One Battle After Another, Hamnet, Sentimental Value
Director	Ryan Coogler	PTA, Yorgos Lanthimos
Lead Actor	Michael B. Jordan	DiCaprio, Timothée Chalamet (Marty Supreme)
Supporting	Delroy Lindo, Wunmi Mosaku	Paul Mescal, Jacob Elordi (Frankenstein)
Technical	6 (Cinematography, Score, etc.)	Avatar: Fire and Ash, F1

 

The breadth of Sinners makes it a potential "sweep" unlike most Indies.

Business Angles: Indies vs. Blockbusters

Awards (Oscars) generate BIG money for studios. The 2025 Oscars will generate $1.2B globally in theaters due to the nominations; therefore, expect the same for the 2026 Oscars.

 

If A24 were a public company, their stock would have increased dramatically; there is a correlation between nominations and the increase in value (20%) of Everything Everywhere. Streaming services, including Jay Kelly at Netflix and F1 at Apple, are seeking to build their placeholder using their nominations for subscribers, but Sinner's recent success at the box office shows that audiences still value the theatrical experience.

 

It has been harder for filmmakers with a diverse perspective to attain recognition. Ryan Coogler's success is indicative of the barriers that Black directors face in receiving major nominations (under 5% historically). However, the continued funding gap persists. Investors should note that genre-blending (horror + drama) appeals to approximately 40% of Gen Z's original content viewing habits in relation to its growing subscription revenue base in streaming.

 

There are also many international films recognized as nominees.

• Sentimental Value from Norway and No Other Choice from Korea, for instance, are competing for Foreign Language nominations.
• The Global OTT market has led to a borderless market opportunity for film and television.

The nominations highlight the connection between the songwriters and the films. As a result, studios have been shortening their release schedules; however, many independent studios (like Sinners), utilize their efficiency to fill this void. Marketers have come to understand that nominations create a new, evergreen intellectual property, which will provide opportunity for revenue through merchandise, sequel/spin-off opportunities and licensing agreements for many years into the future.

Sinners History: Messages to Creators

Being lucky has nothing to do with it! Black Panther, the director of Rayaan Coogler, changed the perspective of what to focus on. Coogler had no idea just how well this particular perspective would resonate with the larger audience at large. Therefore, businesses need to be open to new risks and stories that are told from various cultural perspectives, as demonstrated by Coogler. If you are an executive who is under pressure to produce sequels, consider the success of The Sinners, one example of how much audiences can support indie films and help them succeed in the awards circuit.

 

As we approach March 8, the day of the Academy Awards, it will be interesting to see if Jordan's combination of performances is enough to win an award. It’s not very uncommon that Academy voters are attracted to such emotional stories. In such a competitive industry, people need to make an effort to attend as many film festivals as possible.