Oscars 'envelopegate' could cost Moonlight to lose millions at the box office
The movie is getting lost amidst all the hype of 'envelopegate'.
"We lost, by the way."
Movie fans from around the world will remember where they were when they heard La La Land producer Fred Berger end his acceptance speech with that casually placed bombshell.
It was the most talked-about moment from the most important night of the year in Hollywood. The biggest upset in Oscar history.
When it became clear that Faye Dunaway and Warren Beatty had been handed the wrong envelope, one apparently containing the results of the Best Actress category (which Emma Stone won for La La Land) rather than the one they were presenting, chaos ensued. Jaws dropped.
Berger's co-producer Jordan Horowitz corrected the error. "There's been a mistake," he said. "Moonlight, you guys won Best Picture."
But it was a little too late. The cast and crew of Moonlight had been denied their moment in the spotlight.
And it appears they've lost a lot more than just Oscar-night glory and triumphant speeches. Because everybody is talking about the mix-up and not the groundbreaking movie about a young, gay, black man growing up in impoverished Miami.
Business website Bloomberg Markets predicts that 'envelopegate' will disrupt the flow of box office revenue coming in for the Barry Jenkins-directed movie.
"An Oscar win can mean millions in box office revenue and make an artist's career," the publication notes.
Before Moonlight, Jenkins was a little known director who had only made one other feature film, Medicine for Melancholy in 2008.
Box Office Mojo estimates Moonlight has already made over €20 million in the US, and claims it’s likely to have made around the same amount across Europe by now, based on relevant figures.
However, it had a budget of €5.87 million, so what they’ve made is not a huge amount of comparative revenue for an Oscar Best Picture, Best Adapted Screenplay and Best Supporting Actor winner.
But the movie's fortunes could change as it receives wider distribution in cinemas across the UK, Ireland and Europe this week.
The film's big win on Sunday could result in a renewed box-office push from distributor A24 to capitalise on the so-called "Oscar bump" in ticket sales.