Henrick Vartanian
By: Benjamin Scuglia —
The annual Academy Awards extravaganza pays dividends to winners and nominees, their publicists and agents, and movie studios, as well as fashion designers, limo drivers, florists, stylists and their staffs and assorted flunkies (well, maybe not that last group).The Academy of Motion Picture Arts and Sciences earns most of its yearly budget from selling the rights to the Oscarcast to the ABC network, which in turn charges a premium for advertisers to hawk their wares during commercial breaks. But one of the biggest benefactors from all the awards hoopla is the City of Los Angeles itself.
In addition to burnishing L.A.’s reputation as the center of the entertainment world, the actual Oscars ceremony kicks in an estimated $130 million to the city’s tradesmen and business owners. BusinessInsider.com tallied up a dozen ways in which those coveted golden statuettes translate into cold, hard cash.
Movie studios will often shell out an estimated $15 million—and sometimes much, much more—to win over Oscar voters by placing often-controversial “For Your Consideration” ads with industry publications “Variety” and “The Hollywood Reporter” as well as other entertainment websites.
The Academy takes a hard line with ticket scalpers to the main event, but that hasn’t stopped ill-gotten tickets from snagging $85,000 or more in recent years.
That world-famous red carpet measures a whopping 16,500 square feet and costs nearly $30,000 in rental fees alone, before taking into account wages for the large crew required to install the carpet beforehand and roll it up afterwards.
Among the additional Oscar perks that kick in tens of thousands to dozens of different companies that provide various goods and services: luxurious gift bags and baskets ($75,000 or more); champagne (more than $40,000); a car and driver ($1000 to $4000); personal security for A-listers, or those who think they’re on the A-list ($2500-$3000 per guard); and even imported truffles on the menu at the Governor’s Ball and other parties ($1000 per pound).
And that list doesn’t cover the cost of designer frocks, shoes, accessories and jewelry; tuxedos for the guys; hair and makeup mavens, wardrobe stylists and their assistants; manicurists, pedicurists and eyebrow shapers; or spray tanning.
Then there’s Oscar himself. He’s cast in britannia metal, plated in copper and nickel silver, and dipped in 24-karat gold. The cost? A cool $500 apiece.
Academy of Motion Pictures Arts and Sciences (Oscars) website: http://oscar.go.com/