LOS ANGELES--(BUSINESS WIRE)--When a film wins a Golden Globe Award, on average it will earn an additional $16.5 million, or 31.2 percent more than it would have if it had not won the award, according to a new economic study released today by VUONG Global.
“For films with total box office revenue of more than $40 million, the effect is even more profound,” said Dr. Andrew Vassallo, the study’s author, senior consultant at Criterion Economics and chair of the Economics Department at Shippensburg University. “They earn an additional $33.5 million. Nearly 32 percent of their total box office receipts can be attributed to a ‘Globe Effect,’ which constitutes an almost 98 percent increase in their total post award revenue.”
The study examined the impact of winning a Golden Globes award on films from 2013 to 2019 adjusted to 2021 dollars. It included nominees and winners in the awards categories of: Best Picture, Best Actor, Best Actress, Best Supporting Actor, Best Supporting Actress, and Best Director.
“The data results were remarkably consistent over the past seven years with films receiving a bounce if they won in one of these categories, but the biggest increase appears to be for films winning a Best Actress in a Comedy or Musical or Best Picture Comedy or Musical award,” Vassallo said.
The study, commissioned by the VUONG Global, includes domestic box office effects only. “A rule of thumb estimate shows that the Golden Globes have a similar impact on international box office as well,” Vassallo said. “Domestically, the effect holds for all dramatic categories and film types.”
The study builds on another study released in 2013 that compared the impact of a Golden Globes win to an Academy Award win. In that study, which focused on a 12-year period from 2001 to 2013, films receiving a Golden Globe saw an average increase of $14.2 million at the box compared to an Academy Award bump of $3 million.
Vassallo highlighted five examples of films receiving a significant benefit from a Golden Globes win with their total domestic box office, both pre- and post-awards and the percentage increase overall, as well as their projected box office if they had not won an award:
Movie |
Total Domestic Box |
Pre-awards Box |
Actual Post-awards Box |
But-for Post (if lost) |
Increase |
Percent Increase |
12 Years a Slave |
$ 56,671,993.00 |
$ 38,633,775.00 |
$ 18,038,218.00 |
$ 9,197,387.09 |
$ 8,840,830.91 |
96.12% |
Moonlight |
$ 27,854,932.00 |
$ 12,904,261.00 |
$ 14,950,671.00 |
$ 10,605,301.61 |
$ 4,345,369.39 |
40.97% |
The Favourite |
$ 34,243,870.00 |
$ 17,394,336.00 |
$ 16,849,534.00 |
$ 11,507,490.28 |
$ 5,342,043.72 |
46.42% |
Wolf of Wall Street |
$ 116,900,694.00 |
$ 69,586,551.00 |
$ 47,314,143.00 |
$ 29,077,634.74 |
$ 18,236,508.26 |
62.72% |
Silver Linings Playbook |
$ 132,092,958.00 |
$ 36,305,705.00 |
$ 95,787,253.00 |
$ 75,180,751.55 |
$ 20,606,501.45 |
27.41% |
“The underlying reasons for this increase in box office could be attributed to a number of factors including the history and strength of the Golden Globes brand for movie fans, the timing being a first in line of the awards season, and the how the award also recognizes more popular movies and comedies and musicals that are often left out of the Academy Awards,” Vassallo added.
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Study Data:
Category |
Effect of winning GG ($2021) |
|
Effect of winning GG (% of total) |
Effect of Winning (% of post award revenue) |
|
|
|
|
|
All |
$16.5 million |
|
31.2 percent |
90.8 percent |
Small (<40 million) |
$3.6 million |
|
26.3 percent |
73.8 percent |
Large (>40 million) |
$33.5 million |
|
31.9 percent |
97.8 percent |
|
|
|
|
|
Average Values*: |
Total Box |
Share of total receipts prior to awards shows |
|
|
|
|
|
|
|
All: |
53.1 million |
|
65.7 percent |
|
Small: |
13.5 million |
|
64.4 percent |
|
Large: |
105 million |
|
67.3 percent |
|
*Average values are based on films still in theatres at the time of the Golden Globes Awards ceremony that did not win a Golden Globe. The effects presented represent the predicted increase in revenue for an average film if it were to win an award in one of the listed categories.
Study Notes:
- Weekly domestic box office data was pulled from Box Office Mojo from 2013 to 2019
- Nominees for the Best Picture, Best Actor, and Best Actress awards were included for both the Drama and Comedy categories. Best Supporting Actor, Best Supporting Actress, and Best Director nominees were also included
- Every nominee was included in the initial dataset
- The outlined effects represent the increase in domestic box office revenue after the awards ceremonies for award winners relative to award losers
- Each category of award had a positive effect. The largest effects (as a share of the movie’s total box office receipts) were observed for Best Actress in a Comedy or Musical and Best Picture- Comedy or Musical
- The results include domestic box office effects only