Everything you need to know about this year's Academy Awards

With 2024's domestic box office revenue reaching almost $9 billion and the 97th Academy Awards just days away, WalletHub recently released its 2025 Oscars Facts report, which includes an infographic filled with fun facts about the event as well as a Q&A with a panel of entertainment experts. The awards will be prrsented on March 2 beginning at 7 p.m. EST.

Here are some highlights from the report:
$57.7M: Total cost of the Oscars ceremony.

$10M: Cost of the look for an A-list actress attending the Oscars.

$24.7K: Cost of the 50,000-square-foot Oscars red carpet.

4th: Consecutive time in five years when the Oscars telecast will have a host (Conan O'Brien - marking his debut as the host).

Expert Commentary

In light of the past years' controversies, the Academy has worked to improve the diversity of the awards (from the implementation of new representation and inclusion standards to the diversification of its membership). What else can be done to address this critical issue?

"The Academy alone can't be expected to solve this issue. Without diverse films to choose from, the nominees and winners will continue to be unrepresentative of the United States, let alone the world. We should consider the upstream institutions and gatekeepers. Who are film schools graduating and are they supporting students from different backgrounds? Whose projects are getting greenlit by studios, and do existing diversity initiatives support the kind of creativity that appeals to critics and voters, or are they simply 'check the boxes'-type films that promote diversity without exciting audience-goers? What about film festivals that give films their initial platforms, or the film critics that begin the conversations: are these gatekeepers committed to diversity as well? Are films with diverse casts and crews the films that distributors decide to invest in when they launch their expensive 'for your consideration' campaigns? There is a massive ecosystem and economy with many players that produces the handful of films that Academy voters even consider."
Brian Hu - Associate Professor; Area Head Program in Television, Film and New Media, San Diego State University

"I see real progress on diversification in the Academy. The goal set in 2016 to double the number of women and underrepresented minorities by 2020 was surpassed. The expansion of membership in the past four years seems to be a key factor in this change. Many of the new members in the acting and directing category are women and minorities... Also, more women executives, public relations professionals, and agents were invited to join. The more diversity behind the camera, the more we will see diverse stories on the screen and have a larger pool of stories to honor... Giving a more diverse set of creatives access to funding and resources to make films will inevitably result in more being nominated for awards. Another change which I think helped diversify the list of nominees was the Academy's decision to create a portal where members can view films year-round (beginning with the 94th awards in 2021). This creates a more level playing field for films that do not have a wide release."
Jennifer Gauthier, Ph.D. - Professor; Chair, Department of Media and Culture, Randolph College

Do you believe the current system of nominating films is a fair and transparent one? How can this process be improved?

"The Academy does a good job describing their nominating and selection process. The issue is not the nominating and selection process, but rather financial transparency and equity around campaigning. It costs hundreds of thousands of dollars to run an Oscar campaign - a manageable figure for a major Hollywood studio, but a major investment for a smaller studio or production company. Every email or social media blast that goes out to Academy members has a three- or four-digit cost. To utilize the Academy Screening Room, which gives voters the ability to stream your film, you have to pay the Academy $20,000. And there are ads to be taken out in the trade publications, publicity events to be mounted in LA and New York from November to February, to say nothing of the time commitment. As a result, only the most well-resourced films can feasibly even be under consideration for an Oscar, greatly limiting the types of films and filmmakers who can participate. Making this process more equitable would do far more to democratize the Oscars than changing its membership. After all, you can change the members all you want, but if they're still choosing from the same set of 30 or so 'contenders,' nothing meaningful will change."
Brian Hu - Associate Professor; Area Head Program in Television, Film and New Media, San Diego State University

"The current system of nominating films is far from fair or transparent. While efforts have been made to diversify the Academy's membership, the process still reflects the industry's entrenched biases. It continues to favor certain types of stories - those rooted in Eurocentric perspectives, traditional notions of 'prestige' and narratives that align with a narrow understanding of excellence. This marginalizes voices and creative expressions that fall outside those parameters, particularly from filmmakers of color, women, and creators working in less 'respected' genres like horror or science fiction. Transparency is another critical issue. The public often has little insight into how nominations are decided or how external factors, like aggressive marketing campaigns, influence voters. Films from underrepresented creators and smaller studios rarely have the financial resources to compete with the extensive campaigns funded by major studios, leaving them at a structural disadvantage. Improvements to the process: 1. Expand and Democratize the Voting Body: The Academy needs to...bring in more voices from underrepresented communities, including critics, scholars, and industry workers from independent sectors, to challenge ingrained biases. 2. Increase Transparency: A clearer, more open process - including publishing detailed voting criteria and highlighting how films are shortlisted - would build trust and reduce skepticism about bias or favoritism. 3. Support Independent and Marginalized Filmmakers: The Academy could provide resources to highlight lesser-known films...4. Broaden the Scope of Excellence: The Academy should reevaluate its criteria to ensure that diverse storytelling styles, genres, and aesthetics are valued...5. Community-Based Nominations: Partner with cultural organizations and advocacy groups to introduce advisory panels that elevate films from marginalized creators for consideration."
M. Nicole Horsley - Associate Professor, Ithaca College