Whether or not you put stock in movie awards, it's hard to argue that they're not a relevant facet of the industry. Even a concept as intangible as Oscar buzz can generate considerable revenue for a project that might have otherwise languished in obscurity. In Hollywood, a small fortune is spent on "For Your Consideration" campaigns, emblazoning movies on billboards that have long since left theaters. Every step towards a potential win Oscar win can have major ramifications on a film's profitability, which is why, when "lesser" award ceremonies come and go - one of the chief questions on everyone's mind is "What does this mean for the film's Oscar chances?"
Since 1990, The Producer's Guild of America (PGA) has annually given awards for exceptionalism in motion picture and television product. Since then, over 70% of winners in thier Award for Outstanding Producer of Theatrical Motion Pictures have gone on to win the Best Picture Oscar prize.
Yesterday, La La Land took home the Motion Picture category prize. Netflix original fan favorite, Stranger Things, made a name for itself in the Episodic Television Drama category. The winners list was also rounded out by - Zootopia (Animated Theatrical Motion Pictures), O.J.: Made In America (Documentary Theatrical Motion Pictures), The People v. O.J. Simpson: American Crime Story (Long-Form Television), Comedians in Cars Getting Coffee (Outstanding Digital Series), Atlanta (Episodic Television, Comedy), Making a Murderer (Non-Fiction Television), The Voice (Competitive Television), Last Week Tonight with John Oliver (Live Entertainment & Talk Television), Sesame Street (Children’s Program). Real Sports with Bryant Gumbel and VICE World of Sports also managed a winning tie in the Sports Program category.
La La Land is building some serious momentum towards the possibility of Oscar gold. It has already won the Golden Globe for Best Motion Picture in the Musical or Comedy genre (though its fierce competitor, Moonlight, won the Drama category). While the opinions of the PGA and the Academy of Motion Picture Arts and Sciences don't always mesh perfectly, there's quite a bit of crossover in their voting methods and general orthodoxy.
Whether or not La La Land takes home the big prize next month, the question of whether or not its considerable risk would pay off has already been answered. As of today, the film has already earned back $223 million worldwide on a $30 million budget. At this point, anything else would just be icing on the cake.
Source: The Playlist