Academy’s Shocking $500 Million Push Before 100th Oscars! How Will It Change Everything?

As it grapples with declining viewership for the Oscars, the Academy of Motion Picture Arts and Sciences has unveiled a $500 million international campaign aimed at expanding its global reach and diversifying its revenue streams.

The Academy100 initiative, announced during a press briefing at the famed Cinecittà Studios in Rome, is part of a strategic move to strengthen the academy’s fiscal stability and boost its global reputation as it gears up for its 100th Oscars event in 2028. Traditionally, the financial well-being of the nonprofit organization has been tied to its signature awards show, which has seen a decline in viewership in today’s complex entertainment ecosystem.

The Academy100 initiative will support and establish a variety of programs designed to honor excellence in film, preserve cinematic history, educate future filmmakers, and support the production of film exhibitions, screenings, and publications. The campaign has already secured over $100 million in pledges, with considerable contributions from Rolex, a long-standing academy collaborator.

Academy CEO Bill Kramer stated, “The Academy’s future is global, and Academy100 will enhance our worldwide impact and reach. Healthy organizations need a sustainable and diverse support base, and we are truly grateful to Rolex and all our partners for assisting us in launching this critical and forward-thinking initiative.”

As the academy anticipates the end of its current TV contract with ABC in 2028, the need to seek alternative revenue sources has become increasingly urgent. Despite a boost from last year’s “Barbenheimer” sensation, this year’s Oscars ceremony attracted 19.5 million viewers – a 4% increase from 2023, but still significantly lower than the 40 million viewers a decade ago. With the Academy100 initiative, the AMPAS is actively seeking new revenue sources less reliant on traditional broadcasting and more resilient to the evolving ways audiences consume entertainment.

See also  Meet the Exciting New Characters Shaking Up Season 3 of Bridgerton on Netflix!

This global initiative comes as the academy itself broadens its scope beyond Hollywood. Following the #OscarsSoWhite controversy in 2015, the academy has diversified its historically white male-dominated membership largely by increasing its international presence, growing from fewer than 6,000 voting members in 2012 to over 10,500 today. Over half of the most recent invitees are from outside the United States.

In line with its international focus, the academy plans to launch a series of events and educational programs to foster community engagement and cultivate new talent in major cities outside the U.S., including Buenos Aires, Cannes, Johannesburg, Kyoto, and London. Such initiatives could increase global interest in the Oscars and other academy endeavors and help compensate for any potential drop in domestic viewership.

The Academy100 campaign follows a previous, equally ambitious fundraising endeavor to finance the construction of the $482-million Academy Museum of Motion Pictures, which opened in September 2021 after years of delays and budget overruns. Starting in 2027, the museum plans to unveil a series of special exhibitions, film programs, and publications related to Oscars history in the lead up to the awards’ centennial celebration.

Reflecting on this crucial juncture in the organization’s illustrious history, Kramer said, “The academy is on the verge of its second century, and we are committed to maintaining our position as the leading entity in the global film community.”

Similar posts:

See also  Shock Review: 'American Society of Magical Negroes' Fails to Deliver Its Satirical Punch!

Rate this post

Leave a Comment