Tuesday, June 6

The money that moves the Oscars

The film event of the year is approaching. Next Sunday, March 12 – Monday, 13, if whoever joins the broadcast lives in these parts – the 95th edition of the Oscars will take place, to be held at the Dolby Theater in Los Angeles. The gala will begin at 5:00 p.m., at 2:00 a.m. Spanish time. By then, the hundreds of guests and celebrities will have walked down a red carpet almost as often as the ceremony.

But how much money does this international event move? Wallet Hub, the website specializing in financial services, has prepared its annual infographic and estimates that the total cost of this year’s gala will be around 56.8 million dollars, around 53.3 million euros. And not only that. The red carpet through which all the stars parade, of more than 46,000 square meters, has a cost of 24,700 dollars, just over 23,100 euros. Apparently, a team of 18 operators takes about 600 hours to install the thirty rolls of carpet.

Given the cost of the ceremony, the price of each statuette could be classified as ant expense: 24-carat gold plated, it costs 400 dollars, about 375 euros. 375 euros that come to nothing when one discovers that the total cost of the dress and accessories that a first-rate actress brings to the carpet is 10 million dollars, almost 9.4 million euros. The average cost of the set of guests is 1.5 million dollars (1.41 million euros), while for a first time it is around 266,000 dollars, about 250,000 euros. Of course, the most expensive set to date was the one that Cate Blanchett wore in 2014, which cost 18.1 million dollars, almost 17 million euros.

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Awarded at that evening with the Oscar for best actress for her work in ‘Blue Jasmine’, Blanchett wore a tulle dress in a ‘nude’ tone covered in ‘paillettes’ and Swarovski crystals, from Armani Privé, valued at approximately $ 100,000. But it was the jewelry that she chose, from the Chopard firm, that significantly raised the value of her outfit. Her earrings with 62 white opals and diamonds, the white gold and brown diamond bracelet, and a ‘Toi et moi’ ring with pear-cut diamonds in white gold brought her final price to $18.1 million. . She is not, however, the most expensive jewel that has been displayed on the red carpet. That honor belongs to Lady Gaga, who wore a Tiffany diamond necklace that costs 30 million dollars, 28.1 million euros, the same one that Audrey Hepburn wore in ‘Breakfast at Tiffany’s’.

Drive to Los Angeles

But the ceremony is also very profitable for its organizers. To begin with, it is estimated that the city of Los Angeles receives an economic boost each year of 163 million dollars, just over 153 million euros. The ceremony, which is broadcast in more than 200 countries and territories, will generate more than 117 million dollars in advertising revenue for the ABC network, this is more than 109 million euros, while the red carpet show will leave around 20 million dollars, 18.78 million euros. On the other hand, the cost of advertising has fallen. A 30-second advertisement reaches 1.95 million dollars (1.83 million euros), 72% less than what 30 seconds of advertising cost in the Superbowl.

The reason? You probably have to look for it in the low audience ratings that the gala has been reaping since the pandemic turned everything upside down. Last year, the ceremony was followed by 16.6 million viewers. Be careful, the figure was 58% higher than that of 2021, where only 10.5 million connected to the gala, its lowest follow-up rate, but behind the 23.6 million viewers who followed it in 2020, before the world was paralyzed by the covid, and well below the 29.6 million viewers it reached in 2019.

The winners do not receive any cash prize, but it is estimated that, for example, the film that won the statuette for best film increases its box office by 9.4 million dollars, almost 9 million euros. In this way, the studios are compensated for the nearly 100 million dollars (94 million euros) that are left annually to promote their films during the awards season. According to a study prepared by IBISWorld, the Oscar for best actor or actress can increase the cache of winners by up to 20% from the next film they shoot.

By the way, it costs $80,000 for a couple to attend the ‘Vanity Fair’ party after the Oscars and $20,000 is the cost of sending a movie via streaming to those who can vote for the awards. Before, when the film was sent in physical format, the cost reached a million dollars per film.


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