Peter Bart: The Academy reminds voters that even in times of budget cuts, talk of strikes and crushing corporate debt, Oscars still matter

With today’s “urgent reminder” to its members, the Academy of Motion Picture Arts and Sciences is once again doing everything in its power to pass the vote. The Oscar event is still a battleground of “gold, sweat and tears” as depicted in oscar wars, Michael Schulman’s new book despite the industry’s dire challenges.

Indeed, this year’s Oscars have already radiated a surreal energy – catch the newfound fame of Jamie Lee Curtis at the age of 65. Everything, everywhere, all at once may feel an exhaustion of gratitude by March 12th

Still, the emerging Best Picture winner could have a relatively modest impact at a time when the behemoths of show business are scrambling to reduce debt and face the threat of a writers’ strike.

“The Oscars saved me,” said Joe Levine in 1967 The graduate Got an Oscar buzz (Levine directed the indie message art that bankrolled the Mike Nichols film).

The lexicon of Oscar winners has changed dramatically since then. Today’s win, according to Bob Iger’s argot, will “strengthen the ability of our legacy platforms to monetize.” For David Zaslav of Warner Bros. Discovery means a best film “keeping optional through the strategic mix of distribution and windows.”

Translation: The Oscars show almost seems like a distraction at a time when media giants are exhausted by pervasive advertising weakness and inflation in streaming numbers.

Oscar speeches generally seem trivial compared to the giant blueprints first designed by Zaslav a year ago and later by Iger. Stripped of corporate jargon, Hollywood was impressed and intimidated by the agreement of long-term goals.

“Success will require all hands on deck as we increase our synergy target from $3 billion to at least $3.5 billion,” Zaslav reported. Disney ordered a downsizing of 7,000 a year later when Iger botched the battle for the board seats. He still had $37 billion in net debt from his previous deals.

WBD recently reported limited subscriber growth, but boasts a more robust theatrical offering for the first quarter, including a multi-movie purchase deal lord of the rings movies.

Hits continue to win accolades for show business – even future Oscar wins. But the era when executives raved about real, studio-produced movies The ones who left us at Warner Bros. (2007).

Sure, the Oscar-winning films of recent years have certainly reflected an indie sensibility – Birdman, moonlight and even the aptly titled 2011 silent film The artist. last year’s winning film KODASupported by Apple TV was the ultimate anti-Hollywood tradition.

A generation ago, it was not unusual for a studio to warn employees against supporting the company’s Oscar nominee. Studio loyalty was part of the Hollywood mandate.

Loyalty at this level is no longer part of the deal. As The economist reminding us that Disney is now “the most successful culture factory the world has ever seen”. And never has a “culture factory” demanded voter loyalty.

To Schulman, a talented writer for the Resident of New York“The Oscars are a cherished tradition that celebrates a magnificent modern art form.” He adds: “They are also a game, a fashion show and an orgy of self-aggrandizement by the rich and famous who think too much of themselves.”

But even “the rich and famous” can sometimes struggle when “optionality and monetization” hit roadblocks.