• An organization has compiled a list of five amazing facts about the Oscars
  • The event helps the Los Angeles’ economy
  • Actresses shell out millions to complete their red carpet look 

Hollywood’s biggest night, The Academy Awards, is just around the corner and the celebrities are all set to dazzle the red carpet with their amazing looks at the Dolby Theatre in Los Angeles. Every year, a lot of new records are created at the star-studded ceremony. Whether it is in the nominations or who’s wearing the most expensive dress while attending the ceremony, the celebrities do not leave any stone unturned to grab attention.

An organization named WalletHub has compiled a list of five amazing facts about the event that will blow everyone’s mind. Let us take a look at what makes the Oscars one of the biggest events of in the entertainment industry.

1. The Academy spends more than $44 million to conduct the star-studded

There is a reason why the Academy Awards is known to be the biggest night for Hollywood. The Academy of Motion Picture Arts and Sciences will shell out a whopping amount of $44 million for this year’s ceremony. This is the exact amount of money that the organization spent last year.

The amount includes the “red carpet” that is used for the ceremony. The carpet, which is 16,500-square feet long, costs around $24,700. It also includes the Oscars Luncheon, Governors Awards and the Governors Ball.

2. Actresses spend millions for their look on the red carpet

The Oscars see a lot of amazing dresses. From beautiful gowns to trendy pantsuits, the actresses make sure that the paparazzi would not get enough of how they look. According to the website, the actresses spend millions to complete their looks. It costs almost $10 million to get an A-list actress ready for the event.

The most expensive outfit in the Oscars history was worn by Jennifer Lawrence in the year 2013. The dress was valued at $4 million. Interestingly, the actress fell on the stairs while motioning to collect her Oscar trophy in her costly attire. Meanwhile, the most expensive look in the history of the Oscars belongs to Cate Blanchett. She shelled out $18 million to complete her look in 2014.

3. Actors who win get a pay raise

It is said that the actors who win in the Leading Role categories get an average 20 percent pay raise when they work on their next project.

4. Companies give millions for a 30-second ad

Every major company wants their name to be associated with the Academy Awards. More than 20 million people watch the telecast and companies believe that it boosts their sales, too. But do you know how much they spend for even a 30-second break? The answer is $2.6 million.

Surprisingly, it is still less than what companies pay to advertise their product during the Super Bowl.

5. The Academy Awards boosts LA’s economy

The Oscars never shifts the venue. Every year, the star-studded ceremony takes place in Los Angeles’ Dolby Theatre and as a result, the economy of LA gets a major boost. The city earns almost $130 million every year from hosting the ceremony.

The 92nd Academy Awards will take place on February 9.

A look inside the Oscars and all that makes it the star-studded event that it is. Oscar statue watches over the 91st Oscars Nominees Luncheon at the Beverly Hilton hotel on Feb. 4, 2019 in Beverly Hills. Getty Images/Robyn Beck