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Oscar ceremony to generate $130 mln in spending

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This year's Oscar Academy Awards ceremony is expected to generate more than 130 million dollars in spending, it was reported on Saturday.

The Kodak Theater in Los Angeles is ready to host this year's Oscar Academy Awards ceremony.

Studios can spend from two million to 20 million dollars campaigning for Oscars, including advertising and putting on parties that generate service industry jobs, according to The Los Angeles Times.

ABC is expected to generate more than 80 million dollars from selling advertising on the network, up 14 percent from 70 million last year, while its parent company, the Walt Disney Co., pays the Academy of Motion Picture Arts and Sciences 65 million to 70 million annually for the domestic and international TV rights to the Academy Awards, the paper said.

The three-hour-plus awards show is expected to cost the academy about 30 million dollars to produce -- one million or two million more than last year, said the report.

Florists, caterers, limousine drivers, parking attendants, hair stylists and other vendors who cater to the movie industry are reporting an uptick in business, the paper said.

The academy is spending more on such things as flowers, food and Oscar statues. The statues cost about 830 dollars each, double the cost of five years ago because of skyrocketing gold and copper prices, according to the paper.

Meanwhile, the ceremony will create jobs for about 7,000 people, said the paper.

Among them, some 3,000 people will be employed behind the scene by the awards show.

"During the recession a couple of years ago, nobody wanted to be ostentatious. They wanted to keep it low-key and in good taste, " said Richard LoGuercio, owner of Town & Country Event Rentals of Van Nuys, a party rental firm. "Now people are willing to spend a little bit more on items."

Demand for valet parking is also up.

"People are entertaining again," said Chuck Pick, co-owner of Chuck's Parking, whose Sherman Oaks company is providing valet parking for 21 Oscar parties this week. He estimated his company would take in 50,000 dollars this week alone.

This year's Oscar Academy Awards ceremony will be presented on Sunday night at the Kodak Theater in Hollywood, Los Angeles.