The Academy of Motion Picture Arts and Sciences, the organization behind the prestigious Oscars, has made a bold move in a time of uncertainty in Hollywood by extending Bill Kramer’s tenure as chief executive through July 2028.
Kramer’s contract, which was set to expire in 2025, was renewed one year early due to his exceptional leadership and significant contributions, according to the academy. Janet Yang, the academy’s president, praised Kramer as the ideal person to lead the organization into its next 100 years and expand its impact on the international film community.
The academy has faced numerous challenges in recent years, including efforts to diversify the Oscars, declining television ratings, controversies like the Will Smith-Chris Rock incident at the 2022 Academy Awards, and the opening of the Academy Museum of Motion Pictures.
Despite these challenges, this year’s Academy Awards saw a four-year high in viewership, with 19.5 million viewers tuning in. However, this number is still significantly lower than previous years, prompting the academy to focus on strategies to attract a larger audience.
Kramer, who took on the role of chief executive in 2022 after serving as the director of the Academy Museum, has been instrumental in the museum’s success and has been credited with helping to address criticism over its representation of Hollywood’s Jewish founders.
With an annual operating budget of $170 million, the academy relies heavily on its broadcast deal with Disney and ABC for funding. To ensure its financial stability, the academy recently announced a global $500 million campaign to secure its future.
In a statement regarding the fundraising effort, Kramer emphasized the importance of having a diverse and sustainable support base for the academy’s long-term planning and financial security.
As Kramer continues to oversee the academy’s operations with over 700 employees across multiple locations, his leadership will be crucial in navigating the ever-changing landscape of the film industry and ensuring the academy’s continued success.
