Oscars Toned Down Amid Recession

The Oscars may be the world's most famous film awards, but even THEY can't escape the recession. This year, even the freebies handed out to the stars make a nod towards the economic downturn, as Sky's Amanda Walker reports.

The gleaming surface betrays the fact that like the rest of the world, Hollywood is experiencing an economic slump. In the build-up to the Oscars, Alley is putting on its bits of show of shimmering decadence. But beneath the surface, times are harder than they've been in decades. But it's only just beginning. Cateros ,a party organizer, say plans for Oscar’s celebrations have slowed and budgets for festivities have been cut, some by as much as 75 percent. This is what to know as a gifting switch, where anyone who's remotely famous gets freebies bestowed upon them. These vendors noted a photographer of Cate… with their product can have as much impact as an expensive ad campaign.

“Looking around here, there is plenty being given away there is gadgets, like this blue tooth, enable sun glasses over here. Pieces of pop par, ready to be given out, but there is also opportunity here to give something to charity and not to the fact that ...decatives… can been seen as a bit sensitive in this tough times. Over time the effect of the downturn on the movie industry could be dramatic.”

“If you survive that recession, I think you will just beginning to start an act to, how it’s going to affect the real financing in those studios in Hollywood, how its really going to affect them in a number of films going to make. I imagine, significantly. I imagine that they will be seen major problems with certain studios that will be major, pulling back on the whole series of different productions levels. I think you will see a big effect in the next couple of years.”

But there are few better places in the world, putting on the show; Hollywood has always been a depth of creating illusions. It's likely we will see more uplifting films like Slumdog Millionare, aimed at distracting us from the financial worlds. Asides from that, the audiences may not see the impact of the recessions, but the studios will be struggling, and there is no Hollywood ending in sight, I’m Amanda Walker, Sky news, Los Angeles