Unpacking the Business of Oscar: An Analysis of the Past and Present
The Oscars, the most coveted award in Hollywood, is not only an event that celebrates the art of filmmaking but also a business that generates revenues in billions. The Academy Awards ceremony is a platform for the film industry to market their movies to a global audience. However, in recent times, the Oscars have seen a decline in viewership, which has raised questions about the relevance of the award ceremony. In this article, we will unpack the business of Oscar and analyze its past and present.
History of the Oscars
The Oscars, formally known as the Academy Awards, were first presented in 1929 as a private dinner party attended by around 270 people. The awards were created to recognize and celebrate excellence in the film industry. Over time, the event grew in popularity, and the number of award categories increased. Today, the Oscars consist of 24 categories covering various aspects of filmmaking, from Best Picture to Best Sound Editing.
The Business of Oscar
The Oscars have become a lucrative business, generating revenues in billions. The event is broadcasted globally and watched by millions of people. The Academy Awards ceremony is an opportunity for the film industry to market their movies to a wider audience, which, in turn, increases box office revenues. The Oscars also generate revenue through advertising, sponsorships, and merchandise.
Current Scenario
The Oscars have seen a decline in viewership in recent years. The 2021 Oscars ceremony saw a record-low viewership of 9.85 million, down from 23.6 million in 2019. The decline in viewership has raised questions about the relevance of the awards ceremony. Some argue that the Oscars have become out of touch with the general public, and the nominations do not reflect the diversity of the film industry.
Diversity and Inclusion
The Oscars have been criticized for their lack of diversity and inclusion. In recent years, the Academy has taken steps towards rectifying this issue by increasing the diversity of its membership and introducing new eligibility standards. For instance, starting in 2024, movies will have to meet certain diversity requirements to be eligible for Best Picture.
The Future of the Oscars
The Oscars are at a crossroads, and the future of the event is a topic of debate. The Academy needs to make changes to keep up with the changing times and ensure that the event remains relevant. The Oscars need to reflect the diversity of the film industry and be more inclusive. The Academy also needs to explore new ways to engage with the audience and increase viewership.
Conclusion
The Oscars, the most prestigious award in Hollywood, is not only a celebration of the art of filmmaking but also a lucrative business. The award ceremony generates revenue in billions and is an opportunity for the film industry to market their movies to a global audience. However, the Oscars have seen a decline in viewership in recent years, which has raised questions about the relevance of the award ceremony. The future of the Oscars depends on the Academy’s ability to reflect the diversity of the film industry and be more inclusive.
