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    2023 Oscars Revenue Rises, Helps Film Academy Bottom Line – The Music news

    This year not only saw the TV ratings for the Academy Awards rise on ABC, it also delivered more revenue for the Academy of Motion Picture Arts & Sciences, new financial statements show.

    Revenue from the Academy Awards and “related activities” soared to $143.5 million in fiscal 2023 (ending June 30), according to the financial statements filed with the Municipal Securities Rulemaking Board Friday. That is up from $137.1 million in fiscal 2022.

    This year’s Oscars telecast drew nearly 20 million viewers when all was said and done, up double digits from 2022.

    The Academy’s deal with Disney’s ABC and Buena Vista International (which handles international sales) is built around fixed license fees as well as sales or usage-based royalties (which would benefit from improved ratings and advertising sales), a possible source of the jump in revenue.

    The TV deals with both ABC and Buena Vista run through 2028.

    The financial statement also includes details on the Academy Museum, which opened to the public in late 2021. According to the documents, the museum brought in $18 million in revenue in fiscal 2023, down from $23.6 million in 2022. Expenses for the museum continue to be high, though they are on the downswing. Museum development and operational expenses were $80.6 million in 2023, down from $93 million in 2022.

    The Film Academy’s other expenses were mostly in line with last year.

    Total revenues and gifts were $230 million in fiscal 2023, down from $288 million last year, largely owing to fewer donations of cash and non-cash assets, offset by higher investment returns.

    Total net assets for the Academy were $856.7 million at the end of the fiscal year, up from $844.5 million the year prior, thanks to a strong stock market performance that saw its investments rise by $37 million.

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