The Academy Awards are one of the most prestigious recognitions in the film industry. Actors, filmmakers, producers, composers and more dream to have one of the coveted statuettes and make history. But, if there is a financial compensation for winning an Oscar?
The answer, shortly, is no. However, winners and nominees in some categories receive a lucrative gift bag from a LA-based marketing company called Distinctive Assets. The gift bags have been a tradition since 2001.
see also
"American Fiction" streaming: How to watch the Oscar-nominated movie at home
The “Everybody Wins” gift bag is given to acting and directing nominees, and, according to CNBC Make It, the 2023 edition was valued at roughly $123,000. It includes different gifts that range from chocolate-covered pretzels to a $40,000 visit to a luxury Canadian estate. But that’s not the only benefit from being a nominee or winning an Oscar.
The financial benefits of winning an Oscar
One of the most obvious benefits of being an Oscar winner (even a nominee), especially as an actor, is that producers and directors will be more interested in working with you. But that’s not all, as the earnings can also increase.
Per a report from Business Insider, Academy Award winners in the Best Actor and Best Actress fields can receive a 20% pay increase for their next film. Of course, that also depends on the actor, and the circumstances.
Michelle Yeoh won Best Actress at the 95 Oscars (Rodin Eckenroth/Getty Images)
It’s no secret that in Hollywood there are several pay gaps based on gender and race. For example, according to Forbes, which published the findings of a student’s thesis at Colgate in 2016, men could see their salary boosted by up to 81%; however, women didn’t receive a significant increase.
Is the Oscar statuette worth something?
According to the official Academy website, the statuettes are made of solid bronze and plated in 24-karat gold. Multiple reports have situated the actual worth of the trophy between $400 and $600, but per the Academy the trophy’s worth is $1.
Yes, the Academy has a rule that forbids the Award winners sell or dispose of the Oscar statuette without first offering to sell it to the Academy for only 1 dollar. The rules were introduced in 1951 to “preserve the integrity of the Oscar symbol,” per the Academy.
see also
Oscars 2024: When and where to watch the 96th Academy Awards streaming
However, awards prior to the rule have been sold for much more money than that. Some of the examples include Michael Jackson paying $1.54 million for the Best Picture Oscar statuette that was awarded to “Gone With the Wind” in 1940.
