The Oscars is the largest film award show of the year. Even without the trophy, everyone walks home a winner. This article is very informative over why marketing is important and how it affects the film industry. People who market their film "spend from hundreds of thousands to millions of dollars promoting their films for an Oscar nomination." It may seem excessive but just getting the nomination boosts their revenues drastically. And if the film wins an award for Best Actress or Actor, " talent agents and managers estimate that their clients will get a 20% boost in pay for their next film" This is extremely important to take note of because if the film has more money for marketing their chances of getting a nomination is far larger than an independent film.
But if the film wins the award for Best Picture then it's revenues worldwide can more than double. For instance when "the King’s Speech was initially projected to gross $30 million worldwide. After receiving 12 Academy Award nominations, the revised estimate was over $200 million. After winning the Oscar for best picture, its worldwide box office surpassed $427 million with domestic DVD sales adding nearly another $32 million." This is astounding, no wonder marketing for a film is so excessive.
Ira Kalb, ( FEB. 13, 2013, 1:54 PM) Here's How Much Hollywood Studios And Stars Can Earn By Winning An Oscar Retrieved from: http://www.businessinsider.com/oscarnomics-2013-how-much-is-oscar-really-worth-2013-2
I was shocked to learn how much money is really involved in the whole Oscar nomination process. It seems extremely excessive and further solidifies the idea that Hollywood is a money driven industry. One of the things that surprised me the most was the fact that actors and actresses nominated for awards automatically receive an increase in there salary. By doing this, it makes the actor a hotter commodity and more producers are going to want to use this actor in future films due to increasing popularity in the general public. It poses the question: do the Oscars dictate which actors and actresses audiences favor?
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