Academy Awards: 3 Ways You Can Make Big Money if You Win an OscarLifestyle The List
While Oscar parties are all about fun, the Oscars mean business – big business! That statuette may mostly be made of tin, but in Hollywood it's worth much more than its weight in gold. We spoke with film critic David Ramsey who shared three ways an Oscar drives mucho dinero in Tinsel Town.
1. Box Office Boost
Getting nominated for an Oscar, and winning one, can mean big bucks at the box office. According to BoxOfficeMojo.com, Three Billboards Outside Ebbing, Missouri cracked the top ten early in its release – at number nine, ten, and seven in weeks two, three, and four. Then it fell out of the top ten for good, dropping as low as twenty-third. “No one had heard of the movie except for people who are really into film,” David explains. “And suddenly it was nominated. It was everywhere, with free publicity, and it jumped.” Wepa!
Usually a movie's earnings peak early, then go down steadily. But almost half of Three Billboards’ domestic revenue came after being nominated – eleven weeks into its run! It could receive another big boost if it actually wins a big award, like Best Picture or Best Actress. “Other movies that had been out and […] did okay – like Shape of Water [and] The Post — all those also jumped up,” David notes. “They made a lot of extra money just from getting the nomination push.” Looks like getting nominated is more than just an honor!
The next kind of value an Oscar provides is prestige. “If they're a studio that produces Academy Award-winning films, it allows them to get bigger actors, the scripts that they want, the directors, the producer,” reveals David. “People will come to them that want to make quality movies, because they know that they make Oscar winners.” And prestige means dollars! “That ultimately leads to bigger budgets, leads to bigger films, and more money.” It’s all about the Benjamins, baby!
3. Ancillary Sales
Finally, an Oscar has a long-tail effect on profits from ancillary sales. Everywhere you see the movie after it shows in theaters – that platform pays the studio more if it has the hardware. “You've got streaming, you've got the pay cable, all the way down to […] when it's on your local TV station five years later,” David shares. “When it's an Oscar winner, they pay more for that.”
So the next time you see a studio executive jumping out of their seat when the big win is announced – it’s definitely about the money!