Today we’re going to take a look at why the movie industry cares so much about winning an Oscar and how movie studios manage Oscar nominations and wins, in order to give them the most impact on returns.
The first thing to look at is just how much of the movie industry is organised around award season. If you look at every film that’s been nominated for best picture this decade, only 8 out of 71 were released in the first half of the year. And of those, only Get Out and The Grand Budapest Hotel were released before May.
This isn’t a new trend either, studios know that they need to aim for the end of the year if they want an oscar nod so expect them to plan their releases accordingly. Every best picture winner this decade came out in October or November. Historically, November is your best chance for a best picture winner and December is your best chance for a nomination.
Obviously this isn’t just short term memory from the 7000 academy members but since everyone is more likely to remember a recent film, studios just started timing their releases so all their oscar hopefuls come out at this time. If a major studio releases a film in February, you can be sure they think it has no hope of an award.
So why do they care so much about an oscar award, is it simply prestige or does it make a difference at the box office?
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