Oscars Grappling with Financial Crisis, Launches $500 Million Fundraising Campaign as Viewership Plummets

The Oscars' Declining Popularity

Considering that Ricky Gervais has been the only appealing aspect of the Oscars in recent years, the Academy of Motion Picture Arts & Sciences has initiated a $500 million fundraising drive to counteract the Oscars' significant drop in viewership. Statista reports that the viewership has plummeted from nearly 44 million in 2014 to a mere 19.5 million in the latest ceremony.

Fundraising Efforts and High-Profile Donors

In an interview with the Financial Times, Bill Kramer, the Academy’s Chief Executive, disclosed that the organization has already raised around $100 million. This has been made possible through contributions from high-profile donors such as billionaire Leonard Blavatnik. The fundraising campaign is further strengthened by sponsorship deals with prestigious luxury brands, including the Dorchester Collection.

Timing and Future Broadcasting Agreements

The launch of this fundraising drive is critical, as the Academy’s existing broadcasting contract with ABC, a network owned by Walt Disney, is due to end in 2028. This coincides with the Oscars' 100th anniversary. Negotiations for renewal are expected to begin soon, with Kramer praising the current deal as “very healthy” and the collaboration with Disney as “amazing.” However, the shift towards streaming and the disruptions in the television and film industry have led the Academy to embark on what Kramer refers to as a “revenue diversification campaign.”

Financial Struggles in the Non-Profit Arts Sector

This initiative comes amidst wider financial difficulties in the non-profit arts sector. Prominent institutions such as the Metropolitan Opera in New York have had to tap into emergency funds from endowments due to cash shortfalls. Additionally, the Sundance Film Festival has faced substantial hurdles in recovering from disruptions caused by Covid-19.

Appealing to a Broader, International Donor Base

Looking ahead, the Academy is striving to appeal to a wider, more international donor base, mirroring a shift in its audience and membership demographics. Approximately 30 percent of its membership now resides outside the U.S., a significant increase from ten years ago.

Global Fundraising Campaign: A Pivotal Moment

As the Academy attempts to broaden its appeal and financial stability, the success of this global fundraising campaign could prove crucial. With the film industry and its audiences undergoing dramatic changes, these efforts could not only redefine the Academy’s financial landscape but also its cultural impact on a global scale. The campaign is scheduled to be launched in Rome on Friday.

Ricky Gervais' Take on the Oscars

In 2020, Gervais famously said, "No one cares about movies anymore. No one goes to the cinema, no one really watches network TV. Everyone is watching Netflix. This show should just be me coming out, going, 'Well done Netflix. You win everything. Good night.'"

He continued, "Seriously, most films are awful. Lazy. Remakes, sequels... All the best actors have jumped to Netflix, HBO. And the actors who just do Hollywood movies now do fantasy-adventure nonsense. They wear masks and capes and really tight costumes. Their job isn’t acting anymore. It’s going to the gym twice a day and taking steroids, really."

Article by Tyler Durden, Fri, 05/10/2024 - 16:50

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