The Academy of Motion Picture Arts and Sciences announced a groundbreaking $500 million fund-raising effort to diversify its support base and ensure financial stability in a rapidly changing film industry and cultural sector.
Dubbed Academy100, the campaign was unveiled during a news conference in Rome at the renowned Italian film studio Cinecittà. The initiative aims to raise $300 million to boost the academy’s endowment to $800 million, with the remaining funds allocated for operating expenses and special projects.
With an annual operating budget of approximately $170 million, the academy relies heavily on its broadcast deal with Disney and ABC for 70% of its revenue. The funds also support the Academy Museum of Motion Pictures, which accounts for $45 million of the operating expenses.
The academy’s decision to launch the ambitious campaign comes in the wake of financial challenges faced by cultural organizations worldwide. The Sundance Film Festival’s former chief executive, Joana Vicente, resigned amid concerns about fundraising capabilities, while institutions like the Center Theater Group in Los Angeles and the Metropolitan Opera in New York have implemented cost-cutting measures to address revenue declines.
According to the academy’s news release, the raised funds will be used to recognize excellence in cinematic artistry, preserve film history, support film exhibitions, screenings, and publications, train the next generation of diverse filmmakers, and produce digital content. Over $100 million has already been pledged to the campaign, with support from companies like Rolex.
As part of the initiative, the academy plans to host events and gatherings worldwide to foster a global network of filmmakers and industry professionals. The expanded international outreach will include cities like Buenos Aires, Johannesburg, Kyoto, Lagos, London, Marrakesh, Melbourne, Mexico City, and Mumbai.
The Academy of Motion Picture Arts and Sciences aims to position itself as a global leader in supporting and promoting the art of filmmaking, ensuring a vibrant and diverse future for the industry.
