Insiders from the entertainment industry suggest that the notorious incident involving Will Smith at the Oscars in March 2022, where he slapped Chris Rock, might have cost him around $1 billion in potential future income. The altercation, which occurred during the 94th Academy Awards ceremony, has reportedly resulted in the suspension of significant projects and has derailed the Hollywood comeback of Smith, who previously commanded up to $35 million per movie.
Following the incident where Smith struck Rock over a joke about his wife, Jada Pinkett Smith’s alopecia-induced shaved head, Smith’s market value in the box office took a significant hit. As a result, he missed out on a billion-dollar deal, and his production company, Westbrook, had to lay off numerous employees. Several major projects, including “Bad Boys 4”, were put on hold due to the Oscars fiasco, causing a considerable loss in potential revenue.
The repercussions of the incident extended to Smith’s relationship with major streaming platforms. Both Netflix and Apple TV+ have distanced themselves from the actor, suspending various projects. The Creative Artists Agency (CAA), Smith’s talent agency, had internal debates about whether to continue representing him. Additionally, several endorsement deals were either postponed or terminated, further affecting his earnings.
The Academy of Motion Picture Arts and Sciences reacted quickly, banning Smith from all Academy events, including the Oscars, for the next 10 years. This is an unprecedented move in the Academy’s 94-year history where a winner is barred from future ceremonies. Although Smith is still eligible for nominations and awards, he is not allowed to attend ceremonies until 2032. It’s a stark contrast to his recent success with his Best Actor win for “King Richard.”
Adding to the turbulence, in October 2023, Jada Pinkett Smith shared that since 2016, they have been living “completely separate lives”. “We were still trying to figure out between the two of us how to be in partnership,” she revealed as part of her memoir promotion. The couple continues their marriage without a legal divorce, and she discussed how the Oscars incident influenced their relationship dynamics.
The Oscars slap incident had lasting effects, as referenced by host Jimmy Kimmel during the 2023 Academy Awards. “If anyone commits an act of violence, they will be awarded the Oscar for best actor,” Kimmel joked in his opening monologue. Following the incident, the Academy established a crisis team and implemented new security measures and protocols for live broadcasts.
Chris Rock, on the other hand, exploited the incident in his Netflix special, addressing the impact of the slap and stating that it did hurt due to Smith’s physical advantage. Rock reportedly turned down hosting the 2023 Oscars and declined several seven-figure offers for interviews and documentaries related to the incident. He has since incorporated the event into his comedy routines, often making fun of Smith and Pinkett Smith.
Smith’s first film after the incident, “Emancipation,” met with mixed reactions, as some Oscar voters pledged not to support his work. The controversy added to the difficulties faced by the film, which already had a challenging production schedule and a $120 million budget. Industry experts believe that it could take years for Smith to rebuild his career value, with some projects possibly being permanently shelved. The projected $1 billion loss includes cancelled films, sponsorship deals, and future opportunities over the next decade.
Despite the professional hurdles, Jada Pinkett Smith stated that the incident strengthened their marriage. She disclosed that Smith allowed their personal stories to be included in her memoir “Worthy,” which he reviewed without asking for any changes. Neither of them attended the 2023 Academy Awards, though Rock was seen at a viewing party. Their production company, Westbrook Media, has undergone a significant restructuring, with several projects either canceled or postponed indefinitely.
