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A big swing in investment income—from a $45 million loss in fiscal 2022 to a $38.9 million gain in fiscal 2023—boosted the Academy of Motion Picture Arts and Sciences in a year that brought the full annual cost of its museum operation into focus for the first time.
According to a financial report released early Friday, the Academy saw total revenue for the fiscal year ended June 30 grow by 32.5 percent, to $225.6 million from $170.3 million a year earlier, even as expenses fell slightly, to $216.6 million from 224.1 million, resulting in an increase of net assets from operations of $13.5 million.
That increase was much lower than the $63.9 million increase posted in the 2022 fiscal year, but those results were distorted by unusual income and expenses related to the opening of the Academy Museum of Motion Pictures in September of 2021.
In its first full fiscal year of normal operation—from June 30, 2022, to June 30, 2023—the museum posted operating and development costs of $80.6 million, against earned revenue of about $18 million. Museum expenses included $20.3 million for salaries, $23.4 million in spending on programs, and $29.7 million in depreciation expense. Depreciation is a noncash expense that isn’t supported by current cash flow.
As the museum opened in fiscal 2022, the Academy had a windfall of $117.6 million from the lifting of restrictions on prior donations. Donations released from restrictions fell to about $4.4 million in 2023. In all, the Academy’s net assets grew slightly in the last fiscal year, to $856.7 million from $844.5 million a year earlier.
The Oscar show—historically the Academy’s main financial engine—saw related revenue rise about 7.6 percent, to $147.5 million from $137.1 million a year earlier. Awards-related expenses remained even at about $56.8 million in both years.
Debt fell slightly, to $452.5 million from 464.7 million, while interest expense rose to $11.8 million from $9.9 million a year earlier.
As pledges from the Academy’s long, museum-related fundraising program matured, amounts still receivable fell to $77.9 million from $91.3 million a year earlier. New fundraising efforts, and a continued drive to raise revenue through branding deals and various fees, seem likely as Hollywood recovers from strike-related turmoil in the next year.
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