The 93rd edition of the Academy Awards is coming soon and the shortlist for this year’s possible nominees has already been announced. Each year, the Oscars are always one of the most highly-anticipated events when it comes to the film industry. So the Academy of Motion Picture Arts and Sciences spares no expense when it comes to putting together every single ceremony. In 2020, for example, the total cost of the ceremony was reported to be $44 million.
The Red Carpet
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The Oscars red carpet itself has a breathtaking cost of $24,700, with specifically-hired bodyguards to prevent people from vandalizing it. Besides, it takes a total of 900 hours and 18 workers to install and prepare it before celebrities and A-listers get to walk on it.
Advertising & Voting
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Each year, Hollywood spends over $100 million on lobbying during the awards season. This means that studios and production companies run numerous campaigns in order to get voters. In fact, half of the amount spent on these campaigns is actually spent on strategists, prognosticators, and bloggers to create the best advertisement campaigns. This, in turn, gives the city of Los Angeles a $130 million economic boost every single year.