The glittering 81st Annual Academy Awards have just ended, showering prestigious honors on its winners, and pumping lots of money into the economy.
February 23, 2009 4:38 by Aarti Nagraj
According to The Hollywood Reporter, the Academy spent more than $31 million in Oscar-related expenses last year, including the costs of the ceremony, screenings, the nominees’ luncheon, and money spent to make 47 gold statuettes at $500 apiece.
The add-on expenses for the city are also high; closing Hollywood Boulevard for the Kodak Theatre event costs an estimated $410,000, says the report.
Conversely, the Oscars event makes around $73 million per year, mainly from the license fee jointly paid by ABC, which holds the domestic rights till 2014, and Buena Vista, which holds international rights. The Academy Awards also contributes at least $130 million into the Los Angeles economy each year.