The announcement of nominations for the 98th Academy Awards delivered an unexpected surprise: original, big-budget studio films — a category many believed was nearing extinction — took center stage in this year’s race.

Two titles quickly emerged as the dominant contenders. “Sinners,” a stylized horror film set in the 1930s and deeply influenced by Black cultural history, and “One Battle After Another,” a raw and confrontational exploration of authoritarianism and public resistance, secured nominations across nearly all major categories. Both films were recognized for best picture, director, acting performances, cinematography, and screenwriting, immediately setting them apart from the competition.

“Sinners” led the field with an unprecedented 16 nominations, the highest number ever received by a single film in Academy Awards history. The film also proved to be a commercial force, earning $368 million at the global box office. Close behind was “One Battle After Another,” which collected $206 million worldwide and earned 13 nominations.

Notably, both films were produced by Warner Bros., a studio currently at the center of acquisition talks involving Netflix and Paramount Skydance. In recent years, major studios have largely shifted away from ambitious original projects, focusing instead on franchise-driven spectacles designed to generate massive box office returns. That context makes the success of these two films especially striking. The executives who approved them, Mike De Luca and Pamela Abdy, were previously rumored to be at risk for backing such high-stakes projects. In hindsight, their decisions now appear remarkably prescient.

Although Hollywood has largely avoided overt political commentary over the past year, cautious of backlash from President Trump and his supporters, the Academy’s voting choices sent a clear message. By overwhelmingly embracing these two critically acclaimed films — one addressing racism and cultural appropriation, the other confronting the rise of fascism and social fragmentation — the film establishment made its political leanings unmistakable.

Before “Sinners” shattered records, the benchmark for Oscar nominations stood at 14, shared by “All About Eve,” “Titanic,” and “La La Land.” This year’s outcome rewrote that history.

Beyond the two major frontrunners, several smaller, lower-budget films also made strong showings. Among them was “Hamnet,” a deeply emotional drama that earned eight nominations despite modest ticket sales of $30 million. “Sentimental Value,” a Norwegian-language family drama, received nine nominations and grossed $16 million worldwide. Both films joined “Sinners” and “One Battle After Another” in the best picture lineup.

The expanded best picture field also included “The Secret Agent,” a Brazilian crime thriller; Guillermo del Toro’s reimagining of “Frankenstein”; the surreal comedy “Bugonia”; the high-octane racing film “F1: The Movie”; the energetic sports period piece “Marty Supreme”; and “Train Dreams,” a quiet, reflective meditation on grief and time.

The Academy expanded the best picture category to ten nominees in 2022, framing the change as part of a broader commitment to diversity, equity, and inclusion. The decision continues to reshape the awards landscape, allowing a wider range of films to compete for the industry’s top honor.

As always, the omissions were as notable as the inclusions. “Wicked: For Good” failed to receive a single nomination. “Jay Kelly,” despite starring George Clooney, was also overlooked. Dwayne Johnson’s extensive awards campaign for “The Smashing Machine” yielded no results. While del Toro’s “Frankenstein” collected nine nominations overall, he was notably absent from the best director category.

Five filmmakers were nominated for best director. Paul Thomas Anderson and Ryan Coogler earned recognition for the two films leading the race. Josh Safdie received his first solo directing nomination for “Marty Supreme.” Joachim Trier earned his first directing nod for “Sentimental Value,” while Chloé Zhao returned to the category with “Hamnet,” having previously won an Oscar.

The best actress race featured a diverse set of performances. Jessie Buckley and Rose Byrne were nominated for roles examining motherhood in “Hamnet” and “If I Had Legs I’d Kick You,” respectively. They were joined by Kate Hudson for her portrayal of a Neil Diamond tribute singer in “Song Sung Blue,” Renate Reinsve as a conflicted daughter in “Sentimental Value,” and two-time winner Emma Stone for her role as a kidnapped executive in “Bugonia.”

In the best actor category, Timothée Chalamet earned his third career nomination for his portrayal of a fiercely driven table tennis player in “Marty Supreme,” making him the youngest actor ever to reach that milestone at age 30. He will compete against Leonardo DiCaprio, who played a disillusioned revolutionary in “One Battle After Another,” Michael B. Jordan in a dual role as twins in “Sinners,” Ethan Hawke as songwriter Lorenz Hart in “Blue Moon,” and Wagner Moura, who became the first Brazilian man ever nominated for an acting Oscar for “The Secret Agent.”

The supporting actress category recognized Teyana Taylor for her revolutionary role in “One Battle After Another” and Wunmi Mosaku for her performance as a spiritual healer in “Sinners.” The remaining nominees included Amy Madigan for “Weapons” and both Inga Ibsdotter Lilleaas and Elle Fanning for “Sentimental Value.”

Supporting actor nominations went to Sean Penn and Benicio Del Toro for their intense performances in “One Battle After Another.” They were joined by Stellan Skarsgård, who also won a Golden Globe for “Sentimental Value,” Jacob Elordi for “Frankenstein,” and Delroy Lindo for “Sinners.”

In the screenwriting categories, original screenplay nominations were awarded to “Sinners,” “Sentimental Value,” “Marty Supreme,” “It Was Just an Accident,” and “Blue Moon.” Adapted screenplay nominations went to “One Battle After Another,” “Bugonia,” “Hamnet,” “Train Dreams,” and “Frankenstein.”

Warner Bros. led all studios with 30 total nominations, but independent distributor Neon delivered an impressive showing with 18. Netflix followed closely with 16 nominations. Neon, known for previous best picture winners such as “Parasite” and “Anora,” placed two films in the best picture category and dominated the international film race. Four of the five international nominees were Neon acquisitions, and “Sentimental Value” alone earned four acting nominations. The company also received a sound nomination for the Spanish-French production “Sirat.”

This year also introduced a new Oscar category recognizing casting directors, with up to two recipients per film. The inaugural nominees came from “Hamnet,” “Marty Supreme,” “One Battle After Another,” “The Secret Agent,” and “Sinners.” The Academy last added a competitive category in 2001, when animated feature was introduced.

The addition will likely extend an already lengthy broadcast. Last year’s ceremony ran nearly four hours. The 98th Academy Awards will take place on March 15 and air on ABC and Hulu, a slightly later date chosen to avoid conflicts with major sporting events.

Conan O’Brien will return as host after earning strong reviews for last year’s show, which achieved the highest ratings in five years. Approximately 19.7 million viewers tuned in, a modest increase from the previous year, though still well below the 30 million viewers the Oscars attracted in 2019.

As viewership continues to decline across most awards shows, the Academy is searching for new ways to maintain relevance. One major shift is already planned: beginning in 2029, the Oscars will move to YouTube, ending a nearly five-decade run on ABC that began in 1976.