The more I talk to Academy members, the more I hear rumblings about this summer's biggest hit - if not because it's a cinematic work of art, then because no movie better captures this new era of female empowerment.
"In the past weeks and months we've been witnessing a movement in our industry and society and I want to share this award with all women and men who stand for what's right", said the Israeli actress.
The treatment of women in Hollywood dominated the agenda at Thursday's event, where Wonder Woman star Gal Gadot received a special award. Best Production Design and Best Score titles also went to movie.
"There's that sad music again", Gary Oldman said when it started in on him after his win for "Darkest Hour", but it didn't stop him.
The Florida Project, which was also nominated for Best Picture on Thursday, features Brooklynn as Moonee, a girl who lives with her troubled mother in a motel in Florida and follows their struggles to stay together.
Tony says the big victor of the evening was 'The Shape of Water, ' taking home 4 awards: Best Picture, Best Director, Best Production Design and Best Score.
In what has been hailed on Twitter as an already iconic awards show segment, Olivia began with: "At this time, my friend Niecy Nash and I would like to make a toast to all the good guys in Hollywood". Ted Danson took home the trophy for best actor in a comedy for his turn as Michael in comedy The Good Place.
Margot Robbie took home the award in the "Best Actress in a Comedy" category, for her portrayal of figure skater Tonya Harding in the movie I, Tonya.
Earlier in the evening, the young actress had posed on the blue carpet with her fellow nominee, 11-year-old Jacob, who had previously won the Best Young Performer honour in 2015 for "Room'".