Although the pandemic hit Hollywood hard, with revenue down nearly 60% compared to pre-COVID pandemic levels, according to WalletHub, people can still look forward to certain things to stay the same: the red carpet, the awards and of course, the films.
WalletHub, ahead of one of the biggest nights in Hollywood, broke down exactly what it costs to put on the Oscars.
In total, the 2022 Oscars will cost $42.M. Each 24-karat gold-plated Oscar statuette, WalletHub reported, is set to be $400.
To attend the Vanity Fair Oscar party this year, it’s $80,000 per couple, making it the most expensive after-party on record. A-list actors can expect to pay an average of $10 million on their outfits: although this number varies from $1.5 million for the average attendee’s ensemble to $266,000 for a first-timer.
For Los Angeles, the Oscars are an economic boon: $130 million is the annual revenue the city gets from the awards ceremony. ABC gets $120 million in ad revenue from the awards show and $21 million is generated from the Red Carpet show.
It’s not just the city or television network that benefits from the awards: the best actor/actress winner can expect a 60% boost in pay.
To even get to the Oscars, it costs a lot: Hollywood spends $100 million on awards-season lobbying each year, per WalletHub.