Academy Turned $51M Profit on 2012 Oscars

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Academy Turned $51M Profit on 2012 Oscars
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Academy Turned $51M Profit on 2012 Oscars

Last year's Oscars turned a tidy $51.2 million profit, the Academy of Motion Picture Arts and Sciences revealed in its annual report issued Thursday.

AMPAS said it brought in $103.3 million in total revenue for 2012 and its net assets stand at $299.5 million, an increase of $10 million over 2011 and $41 million from 2010. Almost $90 million of the revenue came from the Oscars and related events. Last year's Academy Awards cost roughly $38 million to produce.

Also read: Academy Movie Museum Raises $100M, Reveals Architects' Plans

Expenses in 2012 rose to $88.6 million from $74.5 million the previous year. The biggest increase came in the museum development category, where outlays rose from $2.3 million in 2011 to $4.9 million in 2012.

The Academy last year embarked on a $250 million capital campaign to support its planned  Academy Museum. The museum will be located adjacent to the Los Angeles County Museum of Art at the corner of Fairfax and Wilshire, and is slated to open in 2016. 

"We have recently passed several major milestones for our museum," Academy President Hawk Koch said in a letter to members accompanying the annual report, "a project that will bring together many of our efforts under one roof."

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