Cashing In Early on the Oscars

As usual, many of this year’s batch of Oscar-nominated movies stand to reap a financial bonanza in the home video market.

Indeed, Touchstone already has changed the home-video release date of “Dead Poets Society,” which on Wednesday was nominated for four Academy Awards, including best picture and best actor (Robin Williams). Instead of coming out April 4, it will now be released March 28--two days after the awards ceremony.

“Having it available in stores just after the awards will make it a really hot rental,” said Dick Longwell, vice president of sales for Buena Vista Home Video, which oversees Touchstone. “What’s important is the increased awareness resulting from having this movie involved in award ceremonies that are televised to so many people. Any awards it wins are like icing on the cake.”

For home-video companies, Oscar recognition--particularly in the major categories--translates into money. The distributors use the nominations and wins as selling tools, convincing retailers to stock more copies on the theory that awards attention will increase the consumer demand for the movie.

“Nominations and awards do make a difference, taking a movie to a different financial level,” said Peter Liguori, marketing director for HBO, which will be distributing “My Left Foot.” “There’s no rule of thumb about how many more copies are ordered based on nominations and actual wins. Every situation is different. Release dates are important. The kind of movie is important. All you can say is that the nominations and winning Oscars usually means more money for the company that puts it out.”

HBO stands to gain substantially on “My Left Foot,” a small, critically acclaimed independent movie that, so far, has grossed $2 million in limited release. Its nominations include best picture and actor (Daniel Day Lewis). Liguori said that the movie would be out on home video in mid-June.

“The nominations will extend its theatrical run, increase grosses and make it much more desirable in the home-video market,” he explained.

Films released on cassette within a few months of when the nominations are announced usually benefit the most from the increased consumer and retailer awareness.

Well positioned to reap such rewards this year is best-picture nominee “Field of Dreams,” which is scheduled for release March 8 on MCA. The nomination will generate a high-powered promotional campaign that should result in heightened rental action during the 18 days before the awards ceremonies.

And Paramount will certainly capitalize on Pauline Collins’ best-actress nomination for “Shirley Valentine,” due out April 12.

Warner’s “Driving Miss Daisy,” with nine nominations, and MCA’s “Born on the Fourth of July,” which has eight, probably won’t be out on cassette until early summer, but even they may get an indirect boost. What often happens in cases such as these, where the films are still in theatrical release when the nominations come out, is that box-office revenues increase. Since movie grosses are the primary gauge that retailers use when making orders, higher grosses could lead them to stock more copies.

Other home-video releases that could benefit similarly are IVE’s “The Fabulous Baker Boys,” boasting best-actress nominee Michelle Pfeiffer, which is due out May 24, and IVE’s “Music Box,” with best-actress nominee Jessica Lange, which will arrive June 21.