The 95th Oscars have just concluded, and this year's winners have impressed the world with their exceptional performances. The Indian movie RRR's song 'Natu Natu' has won the Best Original Song Award, while the Best Documentary Short Subject Award went to the Indian documentary 'Elephant Whisperers.'
However, the Oscars are not just about recognizing and awarding talent; there are several financial facts about the event that are equally fascinating.
Here are three amazing financial facts about the Oscars that will surprise you.
1.The Oscars cost a lot
Did you know that the cost of staging the Oscars is incredibly high? According to reports, the 2022 Oscars' stage cost was around $55.8 billion, which is approximately INR 470 crore. This expense includes not only the production costs but also the awards' design, transportation, and security arrangements. It is evident that the Academy is willing to go the extra mile to ensure that the Oscars are a grand success.
2.The Oscars make a lot of money
The Oscars are a massive business opportunity for advertisers and media networks. In 2016, the American Broadcasting Company (ABC) extended its contract for airing the Oscars for ten years, worth over $1 billion. In 2022, a 30-second advertisement during the event cost between $1.7 million and $2.2 million. Notably, all of the 60 ad slots for the event were sold out.
3.The Oscar trophy is very valuable
The Oscar Trophy is a unique and priceless object that is made of solid bronze and is plated with 24-karat gold. The trophy stands at 13.5 inches tall and weighs four kilograms. It is fascinating to note that the Academy has strict policies that prohibit Oscar winners from selling their trophies. The value of the Oscar Trophy is not just monetary but also sentimental, making it a treasured ownership for any movie industry professional.
As we continue to enjoy the Oscars' glitz and glamour, let us also appreciate the financial marvel that the Oscars are.