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
Though networks apparently sell commercials at $1.4 million per 30 second, reports say the advertising budget has fallen sharply this year; CEP News says that ABC’s advertising revenue fell from $81.8 million last year, to around $68 million with this year’s Oscars broadcast.
General Motors, which has spent almost $105 million in advertising at the Oscars over a 10 year period, is not advertising this year. L’Oreal, a five-year sponsor, who has spent more than $40 million, has also bailed out this year. A spokesman told Advertising Age that although Oscar “had been a very successful property for us … last fall we decided to explore new avenues for reaching our consumer.”
Ad Age blames the low-grossing nominations for the awards as one of the reason for the decrease.