Just how much money is an Oscar nomination or win really worth to movie studios?
Following the nominations, Best Picture nominees get a bump of $20 million at the box office, while Best Picture winners earn $14 million more after the awards, according to IBISWorld, a market research organization.
Media critic Ken Auletta of The New Yorker said on "CBS This Morning," when speaking about the number of Best Picture nominees -- there are nine this year -- "It's about commerce. They're trying to get more out of it."
Just a day after the nominations, the number of nods a film has is a main feature of many film advertisements, Auletta said. "They use it as a marketing tool," he said. "And it's a good one."
However, some movies don't get a jump in sales from an Oscar nomination -- or a win, as was the case for "Hurt Locker," the Best Picture in 2010. "It cost them $15 million to make the movie, and it generated only $17 million at the box office."
But the rewards are numerous for studios and it just isn't in dollars and cents -- it's bragging rights, too, Auletta said.
"It's not unlike journalists," he said. "If you win a Pulitzer Prize, you don't see (a monetary reward). And if you see the bios of actors and actresses and directors, they all say, 'Nominated for four Academy Awards,' so it becomes kind of a boast."
For more with Auletta and the incentives of Oscar recognition, click on the video in the player above.