The Oscars, Hollywood’s most glamorous event, are not only a showcase of cinematic excellence, but also a lavish event at a staggering cost.
This year’s Academy Awards ceremony will cost $56.9 million. Expenses range from the extravagant outfits worn by A-list celebrities to the iconic red carpet.
Worth noting is the cost of fashion on this star-studded night, with celebrity outfits fetching astronomical sums.
For example, in 2019, Lady Gaga dazzled with a Tiffany & Co. necklace worth more than $30 million, while Cate Blanchett and Charlize Theron also graced the Oscars with dresses worth millions.
Laying the red carpet, a 50,000-square-foot expanse, however, costs $24,700, Fortune reported.
While the gold statuette awarded to winners is only worth about $400, the real prize could come in the form of a 20% pay raise for future projects for those who win “Best Actor” or “Best Actress.” .
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Furthermore, the candidates and the host, Jimmy Kimmelreceive “Everybody Wins” gift bags, filled with more than $180,000 worth of luxury items and experiences.
These packages include exclusive resort stays and a range of high-end products and services, from spa treatments to live entertainment.
Hosting the Oscars is a prestigious but modestly compensated role, with Kimmel revealing a salary of $15,000 for his hosting gig in 2017.
Despite the workload and visibility of the event, pay remains below industry standards, highlighting the honor and prestige associated with the role over monetary rewards.
The Oscars generate significant revenue, with advertisers paying $1.85 million for a 30-second ad slot, contributing to $120 million in ad revenue for ABC.
The event also boosts the Los Angeles economy by approximately $170 million annually, demonstrating its significant economic impact beyond the glitz and glamour.
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This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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