The big picture was clear enough in the fiscal 2022 financial report released by the Academy of Motion Picture Arts and Sciences last Tuesday: Income down, expenses up, rough going overall in a tou…
—now chief executive of the Academy itself—to fill his post. A fair amount of the write-off resulted from false starts on a number of proposed projects between 2016 and 2019, as costly consultants from around the world wrestled with the challenge of building concrete exhibits around a medium as ephemeral as film. But the biggest hits came from the abandonment of two Brougher-era exhibits.
One shock-change: Advertising expense nearly tripled in 2022, to $10.8 million from $3.7 million a year earlier. The spending was split between the Oscar show, which had an enhanced promotional budget, and the museum, which had a certain amount of one-time cost linked to its opening in September of 2021.
A core issue that can be only vaguely tracked in the current financial report is the extent to which the museum will require donor support to supplement its earned revenue from admissions, screening and merchandise sales. In 2022, the gap between expense and earned income was almost $39 million, after eliminating noncash depreciation expense, which doesn’t affect the money in hand.
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