The Academy of Motion Picture Arts and Sciences announced Friday a $500 million global fundraising effort to help diversify its support base and secure its financial future in a transformative period for the film industry and nonprofit cultural sector. profit.
“Both are undergoing radical changes to their business models right now due to changes in audience habits and revenue streams,” Bill Kramer, CEO of the Academy of Motion Picture Arts and Sciences, said in an email. “As a nonprofit, and like any healthy organization or business, the academy needs a diverse and sustainable support base that allows for robust long-term planning and fiscal certainty.”
Announced during a press conference in Rome hosted by Italian film studio Cinecittà, the campaign is called Academy100, in honor of the 100th Oscars ceremony in 2028. The academy plans to use about $300 million of the new funds to raise its endowment to 800 million dollars. ; the rest will go to operating expenses and special projects.
The academy currently has an annual operating budget of about $170 million, 70 percent of which comes from its Oscar broadcast deal with Disney and ABC, which runs through 2028. About $45 million of the Operating expenses are used by the Academy Film Museum.
Given the challenges facing many cultural organizations, the academy has reasons to want to shore up its finances. In March, for example, Joana Vicente of the Sundance Film Festival resigned after less than three years as executive director amid questions about her ability to raise funds. Last summer, Center Theater Group in Los Angeles announced a series of steep cuts, including suspending productions at the Mark Taper Forum, to deal with declines in revenue and attendance. And New York’s Metropolitan Opera has withdrawn emergency funds from its endowment.
The academy said in its news release that the money raised “will endow and fund programs that recognize excellence in cinematic artistry and innovation; preserve our cinematic history; enable the creation of world-class film exhibitions, screenings and publications; training and educating the next generation of diverse global film artists; and produce powerful digital content.”
More than $100 million has already been committed to the campaign, the academy said, including support from Rolex, which is based in Switzerland.
As part of the effort, the academy plans to host meetings and events in locations around the world to “become increasingly global,” the press materials said, and help develop a “global pool of new filmmakers and academy members and support the global film community.” “
The academy said its “expanded international reach” will include Buenos Aires; Johannesburg; Kyoto, Japan; Lagos, Nigeria; London; Marrakesh, Morocco; Melbourne, Australia; Mexico City; and Bombay.