Hollywood was in a collective state of shock last month when Steven Spielberg’s Amblin Entertainment forged a multiyear deal to make movies for Netflix. Two years ago, the legendary director reportedly opposed the idea that streaming films should qualify for Oscars. The new pact was seen as a sign that the old guard was finally embracing the realities of a shifting business forced to adapt to changing consumer habits.

“It was a big moment for us,” says Scott Stuber, Netflix’s movie chief. “Throughout Wall Street, throughout the industry, there was recognition about the possibilities that this deal presents. We’re going to do great things together.” – Variety