Amazon won an award for the Iranian film The Salesman, which won in the Best Foreign Film category, while Netflix took home an Oscar for The White Helmets, which won Best Documentary Short.
Amazon and the US production company Roadside Attraction's film Manchester by the Sea, also took home two Oscars for Best Original Screenplay (Kenneth Lonergan) and Best Actor (Casey Affleck). This marks the first time either service has picked up the golden statuette.
For Netflix, the documentary division has always been its strong point. In 2014 they were given their first Oscar nomination for The Square. Two years later Netflix received nominations for its documentary feature What Happened, Miss Simone? In 2017, director and producer Ava DuVernay's film 13th was nominated for Best Documentary.
In 2015, Amazon Studios released its first fictional feature, Spike Lee's Chi-Raq but that also received no awards recognition
This year, Amazon Studios' Manchester by the Sea had a whopping six Oscar nominations, including one for best picture, making it more of a contender for the streamer's first Oscar.
One media expert said that this win will no doubt put Netflix and Amazon on a higher pedestal.
"It will make them a must-subscribe destination for film fans," said Paul Dergarabedian, senior media analyst at comScore.
Netflix and Amazon have come a long way, while some claim they have redefined the way in which people watch movies.