Hollywood is known for its films and its consequent award shows. The glitz and glamor that come with the prestige and honor have always been the tradition in these gatherings. What most people fail to see is that award-giving and award-receiving is part of a business transaction. The Academy Awards, otherwise called The Oscars, is the most notable award-giving body in Hollywood, and it is known for its iconic golden statue. However, it is not only the fame and glory that the winner of the golden statue is taking home. The award comes with a sizeable amount of money anyone in the film industry can ever dream of.
If you are thinking of direct money, you should guess again. If you are asking how much prize money are the winners getting from the Oscars, the answer is zero. There is no direct monetary prize that comes with the statue. If you try to sell the statue, the Oscars already has a document ready for you to sign where the Oscars will have profit over the earnings. They will only pay you $10 to buy back the trophy, and that is it.
How do you get more money from winning an Oscar?
The prestige of best director that a winner earns once they have won an award translates to their bankability. The winner gets indirect earning from their Oscar status, where most winners increase their net profit by 20% in their next project. This depends on the project that the winner will partake in next. The increase goes up to 50% of their previous profit.
Unfortunately, in terms of acting, there is still a considerable pay gap between actors and actresses. Most actors get paid around $4 million more in their next project while their female counterparts are only paid a bonus of $500,000.00. For an actress, it is not an increase but more like an add-on.
However, there are certain factors at play, even for the losers. Actors and directors who did not win an Oscar, but has secured a recognizable buzz through their movie’s promotion, and screening can acquire indirect money as well. Certain movies like Slumdog Millionaire which won 8 out of 10 Academy Award nominations including Best Picture, best director and Best Adapted Screenplay, did not have any acting nominations. But it has earned enough clout that it catapulted actor Dev Patel’s career in film. Dev Patel has starred in many notable films like The Best Exotic Marigold Hotel, The Dark Knight and critically acclaimed film Lion.