Don’t let The Slap distract you from the business history that was made at the Oscars last night: CODA became the first film distributed by a streaming service to win the award for best picture.

Apple TV+ paid a record $25 million for the movie, which follows the only hearing member of a deaf family, after it romped through the Sundance Film Festival last January.

With its victory, Apple put the finishing touches on an industry makeover that’s been happening for years. Armed with Godzilla-sized content budgets and built-in audiences of tens of millions of subscribers, streaming services have outmaneuvered Hollywood’s legacy studios—and charted a future for movies in which the small screen is just as important, if not more, than the big one.

• Consider this: Half of the 10 nominees for best picture were from a streaming service or premiered simultaneously in theaters and at home.

While Apple’s win is a milestone for streaming, Netflix is probably irked it didn’t get there first. The company was the most nominated studio for the past three Academy Awards, and has been lobbying for a best picture win for at least four. Netflix’s The Power of the Dog was the favorite to win the category going into the night.

Some argue that the growth of streaming services will ultimately dissolve any existing divisions between television and cinema. Others say the movie theater will exclusively become the domain of superheroes, reboots, and other guaranteed moneymakers that don’t exactly push the medium forward artistically.

• If you compare a list of the 10 highest grossing movies at the US box office in 2021 with the 10 movies that were nominated for best picture, you’ll find zero overlap.
• The 10 best picture nominees together earned about 25% of Spider-Man: No Way Home’s domestic box office haul.

For more: Here are all of the winners from last night.