Finshots Daily
Why should the Oscars matter to 'Laapataa Ladies', anyway?
In today’s episode for 26th September 2024, we discuss the economics of the Oscars and if it could change the game for ‘Laapataa Ladies’, India’s official entry for the 2025 Awards.
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- Broadcast on:
- 26 Sep 2024
- Audio Format:
- other
Hello and welcome to Finn's Shorts Daily. In today's episode, we discuss the economics of the Oscars and if it will change the game for lapitalities. Before we begin today's episode, here's our very special announcement. We at Finn's Shorts just published our debut book, The Little Book of Indian Business. I want to take this time to thank you, our listeners, for making this possible. We hope you enjoy reading this book as much as we've enjoyed putting these episodes together for you over the last few years. So head over to our bookstore near you or order your copy on Amazon right now. The Amazon link is in the description below. Oh and don't forget to send us pictures of the book on your shelves, okay? Now back to our story. Movie buffs have been caught up in a rather heated debate over the last couple of days about the 2025 Academy Awards. Or as we all know them, the Oscars. Some are thrilled that the FFI or the Film Federation of India picked Amal Khan's production, Lapita Ladies as India's official entry for Oscar nominations. But others, not so much. They're upset that all we imagined is light, a critically acclaimed film that wowed audiences that cans and TIFF or Toronto International Film Festival was overlooked. In their eyes, Lapita Ladies just didn't cut it. But we are not here to argue which film is more deserving. Instead, we want to talk about why reaching the Oscars matters for Indian cinema and what this could mean for Lapita Ladies. And to do that, we'll have to understand why the Oscars are such a big deal in the first place. You see, the Oscars weren't always the monumental event that they are today. When Lewis Mayer, head of the media giant MGM, found the Academy of Motion Pictures, Arts and Sciences, or just the Academy in 1927, it was more about fixing Hollywood's scandal plagued image. And it wasn't until 1953 when the awards were first televised that the Oscars became the glamorous world famous event we know now. It's no wonder that films are more competitive than ever today when it comes to securing an Oscar nomination. Studios even time-filmed releases around the Oscar season hoping for that recency bias bump, where movies release closer to the awards, stay fresh in voters' minds. It's all part of the strategy to win the most prestigious award in the movie world. But why do filmmakers go through all these struggles you ask? It's simple really, because of the Oscar effect. See, just getting nominated, let alone winning, can give a movie a huge economic boost. The collection revenues soar, actors' paychecks could get bigger, and directors and musicians could get more work. On the flip side, these efforts and the Oscar spotlight can also backfire sometimes. Just ask Marisa Tomi, who's surprise best supporting actors' award in 1993 for my cousin Vinny, sparked rumors that her win may have been a mistake, casting a shadow over her career for years. Or Ann Hathaway, who won the same award in 2013 for her role in Le Miserables, only to face backlash for her acceptance speech that seemed over-rehearsed. Still, most filmmakers are willing to risk it for their awards. Take American Beauty, for instance, released in 1999 on a $15 million budget. It made $75 million domestically before the Oscar nominations. In fact, just before the nominations, the movie had all but disappeared, playing only in 7 theaters. But once nominated, it surged back to the top 10. Grossed another $5 million in a single weekend and eventually made $130 million in North America alone. And about 43% of that revenue came after the nominations. So yes, the Oscars can make a huge difference. But hey, that's Hollywood. What about non-Hollywood films? Can they reap the same benefits too? Absolutely. Just look at Parasite, the South Korean film that won 4 Oscars in 2020, including Best Picture. Before that, only a handful of North American theaters screened it. But when the movie started winning at film festivals and especially after its Oscar victory, it went from being shown on three screens to 2000 in North America, even expanding to European markets. And this Oscar bump didn't just boost box office revenues. It also put Korean cinema and culture on the global map. A similar story could shape up for Lapata ladies if luck is on its side. Just think back to Arah Arah is not an actor. Which won the Oscar for the best original song in 2023. Even before its win, the song created a buzz worldwide, helping the movie break into European and American markets and beyond the Indian diaspora. This also contributed to Arah Arah becoming the third highest-grossing Indian film globally with a total box office collection of nearly 1200 crore rupees. And let's not overlook Slumdog Millionaire. Though a British production, it had a distinctly Indian flavor, filmed in Mumbai with a predominantly Indian cast, crew and storyline. After its eight Oscars sweep in 2009, profits soared nearly tenfold and this success also peaked global interest in India, particularly in Mumbai's slums, boasting tourism, even if it annoyed locals in places like Dharavi. The same potential exists for Lapata ladies as well. In fact, it doesn't even have to win any awards. Just making it to the nominee list for the best international feature film could work wonders for Indian cinema. And this proved to back this. A 2005 study published in the Journal of Cultural Economics found that just getting nominated can give a big boost to a film's revenue. Winning isn't even the biggest factor. The reason is simple, nominations spark curiosity. So if people haven't seen the film yet, they might just grab a Netflix subscription to check it out. Not just that, a nomination raises the film's visibility both globally and locally and can shine a spotlight on brand India. Whether it's through cinema, tourism or cultural experiences. But of course, getting that nomination won't be easy. Lapata ladies and its team will have to invest a lot of time, effort and money to build the right campaign. Because the Oscars are as much about lobbying as they are about artistic merit. And to get noticed, the film's producers will need to push hard. They'll have to find global distributors, campaign heavily and most importantly, make sure that the jury or the academy's members actually watch the film. The goal is to leave a lasting impression. So when it's time to vote, the majority remember it well enough for it to make the cut. So will Lapata ladies be able to ride the wave to the Oscars and bring glory back to Indian cinema? We'll just have to wait and see if it's all worth it when the nominations roll out next year. Thank you for listening to today's episode. And if you want to share your feedback or suggestions, do drop us an email to high@theratefinshots.in. Until next time. [MUSIC PLAYING]