The 98th Academy Awards concluded an unpredictable and emotional Oscar season, culminating in Paul Thomas Anderson's sweeping epic "One Battle After Another" taking home the coveted Best Picture award. The ceremony, hosted for the second consecutive year by comedian Conan O’Brien, saw a mix of anticipated wins and delightful surprises, alongside candid behind-the-scenes insights and critical observations regarding the overall star power of the telecast.

Conan O’Brien's hosting stint was a central theme, with Walt Disney Television executive Rob Mills humorously confirming O'Brien's "host for life" offer for the remaining two years of ABC's deal, treating it as fact rather than a comedy bit. The show's ambitious cold open featured O'Brien as Aunt Gladys from "Weapons," creatively inserted into some of the year's biggest films. This segment, described as one of the most ambitious undertakings, involved extensive production over several days. The animated Conan-as-Aunt-Gladys for "KPop Demon Hunters" was achieved rapidly by a specialized animation company, while the "Weapons"-like children were real child actors. A memorable bit involved multiple Michael B. Jordans reacting in the audience, achieved through compositing after Jordan enthusiastically participated. Leonardo DiCaprio, however, was not privy to his meme-ification request, leading to initial confusion, which Mills quipped was common for anyone over 30.

Musical elements were also a highlight, with Josh Groban performing a song about Conan's dream acceptance speech, a nod to O'Brien's past Emmy musical numbers. The presence of Matt Berry as an announcer, broadcasting live from London without delay, added an international flair, though a planned second on-camera appearance for Berry was cut for time. Jane Lynch featured in YouTube ad parodies, part of an increased number of pre-taped segments this year. The distinct green set design, featuring unusual "trees," also provided a memorable moment when O'Brien incorporated it into a bit with a leaf blower, which was a hit with the audience. The show's producers aimed for constant action, evident in the "Pierce the Veil" performance that integrated Buddy Guy and Misty Copeland, creating a visually rich experience. However, the telecast also saw an unusual amount of cursing from winners, with Kate Hawley and a sound category winner requiring bleeps, highlighting the challenges of live broadcasting.

Despite these creative efforts, the ceremony faced criticism for a perceived lack of star power and missed opportunities, especially when compared to events like the Golden Globes. Moments of genuine wattage, such as Nicole Kidman and Ewan McGregor's "Moulin Rouge" chemistry or Barbra Streisand's intimate tribute to Robert Redford—which surprisingly included a snippet of her singing—felt scattered. Sketches involving Josh Groban and Jane Lynch were noted as feeling dated, although Sterling K. Brown's collaboration with Conan was well-received. Critics pointed out missed chances, such as a "The Devil Wears Prada 2" promotional stunt without Meryl Streep, or a Rob Reiner tribute missing Tom Cruise. The lengthy awards season and intense campaign pace were cited as reasons why major stars like Timothée Chalamet might be reticent to present, opting for less visibility. The Academy was urged to consider moving the ceremony earlier or being more imaginative in their requests to legends like Streep, Cruise, Denzel Washington, and Tom Hanks, as viewers ultimately seek "magic" and true star power.

The awards themselves delivered several significant moments. Paul Thomas Anderson's "One Battle After Another" secured six Oscars from its 13 nominations, including Best Picture, Director, and Adapted Screenplay, finally granting the celebrated filmmaker his overdue Oscar recognition. Sean Penn earned his third acting Oscar for Best Supporting Actor in "One Battle After Another," but was notably absent from the ceremony, choosing instead to meet with Ukrainian President Volodymyr Zelenskyy, who thanked Penn as a "true friend of Ukraine" via social media. Penn's activism and past non-attendances at awards shows were also highlighted. Michael B. Jordan made history as the sixth Black man to win Best Actor for his role in "Sinners," delivering a heartfelt speech acknowledging his predecessors. Jessie Buckley became the first Irish actress to win Best Actress for her performance in Chloé Zhao's "Hamnet," a win that was widely anticipated after she swept all major precursor awards. Her emotional acceptance speech thanked her family, husband, and eight-month-old daughter, dedicating the award to "the beautiful chaos of a mother's heart" on U.K. Mother's Day. "Hamnet," which follows a mother's grief inspiring Shakespeare's "Hamlet," received eight nominations.

Further historic wins included Autumn Durald Arkapaw's victory for Best Cinematography for "Sinners," making her the first woman, first Black person, and first Filipina to win in that category, and the 22nd Black woman to win an Oscar overall. This milestone meant a woman had now won in every non-gendered Oscar category. Ryan Coogler also won Original Screenplay for "Sinners," becoming only the second Black screenwriter to do so. The inaugural Casting Oscar was awarded to Cassandra Kulukundis. On the unexpected side, Amy Madigan won Best Supporting Actress for the horror film "Weapons," a surprise given her limited screen time and the film's genre. "Mr. Nobody Against Putin," a documentary about free expression in the Russo-Ukrainian war, triumphed in Best Documentary Feature. "KPop Demon Hunters" made history by winning both Animated Feature and Original Song, helping Netflix tie its personal record of seven Oscars. "Frankenstein" also collected three craft Oscars for production design, costume design, and makeup and hairstyling. The ceremony also featured a rare tie for Best Live-Action Short Film between "The Singers" and "Two People Exchanging Saliva," marking only the seventh tie in Academy history.

The In Memoriam segment, a perennial source of debate, once again drew attention to omissions, though Mills stated it was the Academy's difficult decision. Barbra Streisand delivered a poignant tribute to her "The Way We Were" co-star Robert Redford, incorporating a snippet of song, a decision made to create impact without repeating her full performance from years prior. Jane Fonda, who starred in four films with Redford, playfully quipped about why Streisand (who made only one film with him) was chosen for the tribute, expressing her admiration for Redford as a "gorgeous human being" with "great values" who championed independent cinema. Discussions about speech handling also arose after the "Golden" songwriters were cut off, prompting Mills to consider future solutions for managing acceptance speeches. The 98th Academy Awards notably set a record for horror films, collecting eight awards across "Sinners," "Frankenstein," and Amy Madigan's win for "Weapons," surpassing the previous record held by "The Silence of the Lambs." Ultimately, the season's unpredictability served as a reminder that for all the precursors and narratives, the Academy's final vote shapes the definitive story.