A recap of the 96th Academy Awards: Internationalization and Economic Impact of the Oscars

What a night!

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Yesterday, I traveled to the corner of Hollywood and Highland for the 96th?Academy Awards, and let me tell you: this year’s Oscars did not disappoint.?

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Once again, the Academy put some of the most talented people in our business on full display. We celebrated everything and everyone that makes cinema possible. The actors and directors, sound editors and special effects technicians, composers and costume designers, set builders and cinematographers and so many more of the people who truly bring movies to life.

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This year’s Oscars shined a light on another remarkable evolution – the internationalization of these awards and the industry writ large.

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For the first time, we saw two foreign films nominated in the Best Picture category. We saw nominees for Best International Feature Film (what used to be called “Best Foreign Film”) showcase critically acclaimed, commercially successful productions. These films tell great stories, in theaters and on streaming platforms, expanding their reach like never before. And we saw top nominees and box office hits that were produced all across the globe.

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Adding one more proof point to that storyline: another international film, 20 Days in Mariupol, which won Best Documentary Feature, delivered one of the most poignant lines of the night. “Cinema forms memories,” said director Mstyslav Chernov, in his acceptance speech. “And memories form history.”

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Building those memories, forging that history, producing these remarkable films – all of it carries meaning and power for the creators who make them and the audiences who watch them.

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Yet it translates into something more tangible in the lives of Americans too, as the film industry bolsters local economies in communities across the United States. The latest data shows that, in 2022, the film and television industry supported 2.74 million jobs. This includes thousands of companies relying on the industry, such as caterers, dry cleaners, lumber suppliers, and so much more. These numbers reflect a sector continuing a steady, strong recovery from the pandemic.

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Through it all, on the Oscar stage or on sets around the country and across the globe, we are reminded that film is more than a form of entertainment. It’s a forum for connection. It’s a means for creating jobs and spurring economies. It’s a canvas for cultural exchange. It unites us across borders and oceans. It’s an experience that brings us closer together.

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That, without a doubt, is the enduring magic of movies.