Spielberg congratulated Cruise on the film's success at the 2023 Academy Luncheon and credited him with single-handedly saving the theatrical industry. The exchange was captured on video and went viral on Twitter.

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"You saved Hollywood’s a--, and you might have saved theatrical distribution," Spielberg is heard saying in the video. "Seriously, ’Maverick’ might have saved the entire theatrical industry."

The movie industry appeared to take a major hit during the COVID-19 pandemic, and it offered new opportunities to streaming platforms to attract subscribers. But Cruise was adamant that the film be released in theaters and Paramount Pictures allegedly turned down offers from streamers to buy the film and opted for a theatrical release. 

Spielberg had previously commented on the pandemic's impact on traditional theatrical openings.

"The pandemic created an opportunity for streaming platforms to raise their subscriptions to record-breaking levels and also throw some of my best filmmaker friends under the bus as their movies were unceremoniously not given theatrical releases," Spielberg told The New York Times.

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Spielberg and Cruise previously collaborated on two films in the early 2000s, "Minority Report" and "War of the Worlds."

"Top Gun: Maverick" earned six Oscar nominations, including a nod for Best Picture.

Spielberg is also nominated for Best Director for his semi-autobiographical drama "The Fabelmans." The film racked up additional nominations, including Best Picture and Best Actress for Michelle Williams. Spielberg has now been nominated for an Oscar for Best Director in six different decades. He's won twice.

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The Oscars will air on March 12 on ABC and be hosted by Jimmy Kimmel.