RED CARPET MEGALOPOLY: $150 MILLIION TO BE SPENT ON OSCAR PARTIES: yep, according to industry trade publication BIZBASH.com the more than 100 pre-Academy awards parties along with the official Governor's Ball will tote up to an amazing $150 million in spending.
WHAT ELSE WILL $150 MILLION BUY:
Blogger note from Joyce Schwarz, HOLLYWOOD2020. I realize that some of the money spent on the fundraising Oscar parties is defrayed by sponsorship costs and the attendee fees of $500 to $1500 a plate charges. BUT, I looked up what else costs $150 million and I found two very diverse figures: The Red Cross raised $150 million after the Tsunami disaster from donations and Bush's re-election war chest is estimated to have ranged from $150 million to $180 million. So it's amazing what that amount of money could buy. You can take your own opinions away on this astounding money spent on evenings of wine and roses in Glittertown.
Pix from a past Governor's Ball that was themed with a King Louis XIV in Versailles, theme.
IT'S LIKE THE WHOLE TOWN GOES TO PROM! ""It's like the whole town goes to prom," says Dina Wise, who currently produces events through her own New York-based company, and formerly worked in-house at Miramax. "The whole town goes into mode. Everyone is on call, like they're going to war."
One of the best quotes in the story is this one,
HOW DOES IT ALL ADD UP TO $150 MILLION: The 100 biggest events in the days surrounding the Oscars generate at least $150 million in revenue for the city's event and hospitality industries, according to BIZ BASH who got estimates from event producers and vendors who have worked on these and other similar events. The total includes: party planning & event organization, venue fees, food & beverage, security, publicity costs, and other party necessities ranging from linens to valet parking and custom tents.
OSCAR DAY:The five big events on Oscar Day include: *The Governor's Ball, *Vanity Fair's Party, AID's PROJECT LA and ELTON JOHN's AIDS FUND RAISER and NIGHT OF !00 STARS (viewing dinner) add up to as much as $10 million according to the trade pub's sources.
$1 Million for Oscar dinner:
The Governor's ball dinner catered by Wolfgang Puck usually includes such delicacies as: caviar, filet mignon and Maine lobster which could astoundingly rack up costs that vary between $450 and $750 per person. For 1560 guests that means near a $1 million total. Hmmmm....good!
DO OSCAR FUNDRAISERS RAISE FUNDS?
Reports say that sponsors underwrite many of the costs of producing the Oscar fundraisers such as the Elton John. Supposedly, 50 of to 80 percent of foundations'
party costs are underwritten, hopefully this keep at least two-thirds versus the third of the budget that was spent on the event.