That tidbit of information came from the Academy of Motion Picture Arts and Sciences‘ latest financial report, which includes data for the fiscal year that ended in June 2012. The operating profit of $51.2M was a 2.6% increase over 2011. The Oscars are by far the biggest source of fresh cash for the Academy; the event produced $89.6M in revenue, and cost the group $38.3M. The Academy says that ABC has the broadcast rights for the Oscars through 2020. Despite the event’s financial success, a decline in the Academy’s investment income and increased costs for its various activities resulted in just a $10.4M gain in its net assets, to $299.5M, for the fiscal year that ended in June. By contrast, in 2011 it gained $30.5M to end up with $289.1M. It also said it spent $4.9 million last year on development of its new Academy Museum of Motion Pictures; in October, the organization said it had raised $100 million of a targeted $250 million capital fundraising campaign for the project aimed to open in 2016. The report did not break out costs related to the group’s newly installed Oscar online voting system, which is in its first year of use.
- Arts & Entertainment