Naturally, the extravagant spending figures tied to the Oscars are to be expected. The iconic, star-studded event is as lavish and gold-plated as we could ever expect it to be. Approximately, the full expenditure of the Academy's awards ceremony and its subsidiary events costs $40m. Although maintaining an impressive archival library as well as its investment in scholarship programmes and centres for motion picture study, the Academy reportedly possesses assets of around $300m - including properties in Beverly Hills. The Academy itself states: "Because of the Academy's successful efforts to eliminate splashy gimmicks and gifts, the "race" to be nominated consists principally of attempts by studios, independent distributors and publicists to make sure that each of the nearly 6,000 voting members of the Academy of Motion Picture Arts and Sciences sees their film." The Academy itself holds to its claim of the "members being the organisations greatest asset." As an assemblage of the 'finest artists and craftspersons of the art form', the Academy's ranks are certainly a testament to the most acclaimed artists of the collaborative media - they can be granted a little freedom in their quest to host the most extravagant congregation of film stars and creatives in the awards season. With a revenue that exceeds $150m, we can only assume that they know how to throw a good after-party. In a league of its own, the Academy represents the elite of the film industry. Its flaws mirror issues within the industry itself: there is inequality and probably too much money spent on the wrong things. Nevertheless, the film industry is still thriving. In an age where other media texts are becoming a risk to its popularity, Film is, arguably, more affluent and successful than ever.
Film & Media student and aspiring screenwriter from Newcastle Upon Tyne, UK. Avid consumer of any genre of film and an active player of games. I also possess the ability to walk like Captain Jack Sparrow after a few drinks with remarkable accuracy.
