Jack Keyser, chief economist at the Los Angeles County Economic Development Corp., estimated that the Oscars generate $122.5 million in revenue for Los Angeles.
The money breaks down this way: ads sold to run during the awards broadcast, the nominees' luncheon, studio spending on Oscar campaigns, talent agency advertisements in trade publications, hotels and food for out-of-town media, parties and "star perks."
"It's a rapidly growing amount because things are getting more extravagant, and it's an upward trend," he said.
While Keyser noted that it's difficult to quantify what percentage of the money comes from fashion-related spending, he confirmed that a good chunk is spent on getting stars red-carpet ready. "That includes limos, stylists, fashion parties," he said.
Keyser estimated that 60 percent of the spending is on Los Angeles' West Side, with a high concentration among Beverly Hills businesses.
In comparison, the Super Bowl brought $200 million to $300 million to San Diego in 2004, and Pasadena's Rose Bowl generates about $200 million.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"