Neon spent $18 million on campaigning ‘Anora’ for the Oscars, three times the budget of the Best Picture winner

Neon's unconventional strategies pay off with Anora's Best Picture Oscar win, solidifying its indie powerhouse status in the industry.

Neon’s unconventional and strategic approach to awards campaigning has once again paid off, with Anora clinching the Best Picture Oscar. The indie distributor reportedly spent $18 million on the film’s marketing, distribution, and Oscar campaign—three times the budget of Sean Baker’s Best Picture winner. This investment, while significant, was still less than the $20 million Neon spent on Parasite, its first Best Picture winner.

Under the leadership of CEO Tom Quinn, Neon has cemented its status as a powerhouse in the indie film industry, outperforming major players like Disney and Netflix in the Best Picture race. With a staff of just 60 people, the company has won two Best Picture Oscars in five years, an achievement that even deep-pocketed streaming giants have yet to match. Industry experts credit Neon’s success to its innovative and risk-taking approach. Instead of following traditional awards season strategies, the company embraces bold, grassroots campaigns.

For Anora, Neon launched a pop-up merchandise sale outside a Los Angeles auto body shop, drawing 300 fans before the event even began. The film’s first screening was also attended by sex workers rather than Academy voters.

Despite its Oscar win, Anora has been labeled one of the lowest-grossing Best Picture winners, earning $16.1 million domestically and $41.4 million worldwide. However, Quinn dismisses concerns over box office figures, emphasising the film’s success on digital platforms like Amazon and Apple, where it has dominated charts. He argues that profitability extends beyond theaters, with digital rentals and licensing deals ensuring long-term revenue.

Neon’s triumph with Anora comes at a time when the company has experienced its most financially successful year to date. The studio’s horror films, Longlegs and The Monkey, have also become box office hits, earning $127 million and $31 million worldwide, respectively. With five consecutive Palme d’Or wins at Cannes, Neon has firmly established itself as a dominant indie force.

Quinn insists that Neon’s real competition isn’t fellow indie darling A24 but rather streaming giant Netflix, which has frequently been Neon’s rival in acquiring major films. While Neon lost out on titles like Hit Man and May December, its two Best Picture wins give it an edge in attracting top filmmaking talent.