Did you watch the Oscars? Did your favorites win? Well, guess what – the Oscars aren’t all about the golden statuettes. Here’s what you may not know about the Academy Awards:
• First: Studios are desperate to boost winter ticket sales. And the Oscar red carpet and awards extravaganza is a proven way to fill movie theatre seats during a traditionally slow time of year. 40% of movie tickets are sold in the summer months, and another big chunk between Thanksgiving and New Year’s. But ticket sales hit rock bottom January through March, when most people are short on cash.
• Another fact: The Oscars are an excuse to be extravagant. Stores love the Oscars because it inspires people to throw their own fancy Oscar parties, where they dress up, drink champagne, and nibble on hoity-toity appetizers. Experts say that Oscar parties typically cost more than Super Bowl parties, and most people spend an average of $500 just on food and drinks.
• Also: Product placement isn’t just for movies. The red carpet is one long commercial for clothes, jewelry and shoes. And getting stars to wear your designs can boost sales more than traditional advertising. Last year, Natalie Portman’s tassel earrings from Tiffany’s sold out shortly after she walked down the red carpet. So did cheaper versions from Ann Taylor and Guess.
• The final Oscar fact: The statue is worth millions. A lot of Oscar-winning movies only begin to make money after the awards are given out. Case in point: Last year’s winner, “The King’s Speech.” Before it was nominated for Best Picture, it earned around $60 million in the U.S. After it won, ticket and DVD sales raked in another $80 million. And the same jump is likely for this year’s winner, “The Artist.”