The show must go on — and Hollywood heavyweights are here to help.
The Academy of Motion Picture Arts and Sciences announced on Tuesday that filmmaker Steven Soderbergh, along with producers Stacey Sher and Jesse Collins, will produce the 2021 Oscars telecast, which will now air April 25, 2021, on ABC.
Although it’s still unclear whether or not the award show will be virtual, it’s the latest sign that the ceremony will hit the small screen in some form or other — despite coronavirus hurdles.
Yet one industry analyst thinks the change could be a good thing — and potentially attract new viewers.
“This may actually increase viewer interest in the ceremony,” Comscore senior media analyst Paul Dergarabedian told Yahoo Finance. “Many things have changed [amid the pandemic], and I think people are just going to be happy that there is an Oscars at all.”
Ratings have been shaky in recent years with last year’s telecast hitting an all-time low of just 23.6 million viewers, down 20% from 2019, according to Nielsen.
“The industry is reinventing itself — it has to — and it’s not just the Oscars,” Dergarabedian said. Creating any show or movie within the context of the pandemic has been a challenge so now the folks who make the movie magic can also work their magic on the Oscars’ telecast,” he added.
But it won’t just be the show’s appearance that the Academy has to adjust.
With the majority of film releases pushed well into 2021 (or even later), the traditional nomination process has been turned on its head.
For the first time, movies released on streaming platforms and via digital release will be able to qualify for the 2021 Oscars.
“In any other year, allowing streaming films that have never played on the big screen would’ve been a bridge too far, but this is the year of the asterisk,” Dergarabedian said — adding that he’s not so sure whether or not the changes will stick.
“I don’t know if that’s something that will continue once things return to ‘normal.’ I think we will go back to the traditional rules for what can or cannot be considered, but the way that they produce the actual telecast? That may be forever changed — especially if they see a spike in ratings,” he continued.
Can there still be a post-Oscars bump without the box office?
Last year, the South Korean thriller “Parasite” saw its largest U.S. box office push over Presidents Day weekend, directly following its 2020 Best Picture win.
It’s a typical story for most Oscar winners, but with the majority of U.S. theaters struggling to stay afloat amid COVID-19 — not to mention the lack of new releases — does an Oscar win even matter in 2020?
“The box office bump is generally under the guise of a theatrical movie theater bump, but we’ve seen in past years that movies like ‘Parasite’ have gotten huge bumps on streaming after garnering nominations,” Dergarabedian explained.
“The box office bump will be there, but it will have quotes around it within this unusual marketplace. Typically, though, if a film is considered worthy of an Oscar then many people feel it is worthy of their consideration at the theater or, within the context of this pandemic, at the home,” he continued.
At the moment, Netflix's biographical drama “Mank,” Amazon's “One Night in Miami,” and the late Chadwick Boseman’s “Ma Rainey's Black Bottom” are all expected to make strong Oscar showings this year — yet other potential nominees are still largely unknown.
“At the end of the day, every industry is adapting. The Oscars are no exception. Innovation comes out in tough times, but the acceleration of different modes of conducting business is often a good thing,” Dergarabedian said.
“It may not be comfortable, but it can really work,” he concluded.
Alexandra is a producer & entertainment correspondent at Yahoo Finance. Follow her on Twitter @alliecanal8193
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