We have insight into what kind of costs are involved in the annual Oscar Ceremony, from being nominated to producing the extravagant event, and even what it costs to attend as a spectator.
Since 1928 the Academy of Motion Picture Arts and Sciences has hosted the Oscar Award Ceremonies in Hollywood. This week marks the 91st annual Academy Awards. The 24-karate-gold-plated bronze statuettes are worth about $900 each, but to win one can cost an average of $81.7 million, according to Forbes. Surprisingly it is cheaper to score two of the most glorified awards, best lead actor and actress. The award for lead actress costs an average of $26 million. Getting nominated and scoring best visual arts is the most expensive award to win, topping out at $175 million.
Putting the show on is not cheap for the Academy of Motion Picture Arts and Sciences. In 2016 the Academy ponied up $44 million to produce the eye-catching event. The costs breakdowns are fairly standard when you look at them, but what stands out is the 500-foot red carpet that costs almost $25,000.
If you want to attend the event as a spectator, you’ll want to either be rich, or famous. Famous gets you in free with all the bells and whistles usually on the house. If you’re not famous, but you’re rich, you still have a chance. A seat at the Dolby Theater in Los Angeles can cost anywhere from $150-$750. Wardrobe, hair, stylists, limo, and jewels for the night will cost upwards of $10,000 or more, according to an article by The Guardian. By the way, you can’t buy a ticket, unless you’re invited.
The campaign to get your picture in the running for an Academy Award of Merit costs between $5-8 million, and according to a recent article in LA Times sometimes up to $15 million for the top studios. Winning an Oscar only adds, on average, $3 million to the box office, so is it all worth it? In 2017 Barry Jenkins’ Moonlight had a budget of $4 million and still scored 8 Oscar nominations, winning 3 of them including best picture.
-Marc Charles for Money Talk 1010AM