I just watched the Oscars like probably the rest of the world.
It’s easy to see the awards for just the show. But they play an important role in supporting a media ecosystem, on both the creator and consumers side of the market.
- High profile awards serve as motivation for the top tier of a creative community. Much of it is aspiration to be recognized amongst a talented peer group.
- Awards serve as an excellent filter for consumers during the discovery process. The nominees and especially winners of an award will always drive new audiences to enjoy whatever film / show / book has won.
Whenever a new media ecosystem is evolving, an award structure can become a way to accelerate the ecosystem’s growth - to motivate creators and drive discovery.
Random Idea - I’ve always thought it would be good for internet companies to collaborate to create an higher profile award show brand. Given their influence it can rival the Oscars, Emmy’s and Golden Globes.