The Oscars are right around the corner, which means one of the biggest nights in Hollywood is coming up. But even though we already knew the Oscars are a massive production, we never would have guessed how much money it actually costs to put on the ceremony.
Just ahead of the big night, WalletHub analyzed the Academy Awards by the numbers, and some of the figures are downright shocking. For example, the total amount it costs to put on Hollywood's biggest award show — $44 million. That includes $24,700 just for the 16,500-square-foot red carpet all the celebrities and attendees will walk down and $300,000 to mail watermarked screeners of all the nominated films to the judges. Oh, and those gold-plated statuettes everyone is after... any guesses what those are worth? Only $900. Yikes.
The cost of the ceremony itself actually pales in comparison to what celebrities spend to attend it. According to WalletHub, a first-time attendee will spend $266,000 on his or her red carpet look. The average amount spent on clothes, hair and makeup for the night is $1.5 million, while A-list female actors will spend $10 million each. On one look. For one night. And that's just for the look. Everyone wants to score an invite to Vanity Fair's Oscar party, the most exclusive after-party in the biz. The cost for one couple to attend? A cool $75,000. That's a hefty price tag to see and be seen.
While all that spending on a single event may sound absolutely ludicrous, WalletHub also found the Academy Awards provide a yearly $130 million boost to Los Angeles' economy, so it's not all excess. Still, though, when you think about how many hungry mouths could be fed with the money that's being dropped on one night, it's not so easy to stomach.
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