From Red Carpet To Gift Bags: Breaking Down The Oscars’ Lavish $56.9 Million Cost

This year’s Academy Awards ceremony is set to cost $56.9 million.The expenses range from extravagant outfits worn by A-list celebrities to the iconic red carpet.

Noteworthy is the cost of fashion on this star-studded night, with A-listers’ outfits reaching astronomical figures.

For instance, in 2019, Lady Gaga dazzled in a Tiffany & Co. necklace valued at over $30 million, while Cate Blanchett and Charlize Theron also graced the Oscars in outfits worth millions.

The red carpet, a 50,000-square-foot expanse, on the other hand, costs $24,700 to lay down, reported Fortune.

While the golden statuette awarded to winners is valued at only about $400, the real prize may come in the form of a 20% salary increase for future projects for those who win “Best Actor” or “Best Actress.”

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Additionally, nominees and the host, Jimmy Kimmel, receive “Everybody Wins” gift bags, filled with luxury items and experiences worth over $180,000.

These bags include stays at exclusive resorts and a range of high-end products and services, from spa treatments to live entertainment.

Hosting the Oscars is a prestigious yet modestly compensated role, with Kimmel revealing a $15,000 paycheck for his hosting gig in 2017.

Despite the workload and the event’s visibility, the pay remains below industry standards, highlighting the honor and prestige associated with the role over monetary rewards.

The Oscars generate significant revenue, with advertisers paying $1.85 million for a 30-second ad slot, contributing to the $120 million ad revenue for ABC.

The event also boosts Los Angeles’ economy by an estimated $170 million annually, proving its substantial economic impact beyond the glitz and glamour.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.