Museum of the Oscars, lack of funding is the reason for continued delays in opening

TheAcademy Museum of Motion Pictures, the Oscars Museum opening in Los Angeles, looks set to open its doors (as we reported to you here), but the institution that will pay homage to decades of cinema has had a troubled history regarding its opening.

It was originally supposed to open in 2017, then in 2019, and now, as announced on Oscar night, it will open on December 14. But how come? Apparently due to lack of funding. In an interview with Variety, director Bill Kramer revealed that the museum’s costs are still about a hundred million dollars short. In fact, the museum would now cost as much as $482 million versus the $388 million budgeted by previous director Kerry Brougher. Kramer, who was hired last September and then officially began working as of last January, has begun a fundraising drive to raise the missing money, as actor Tom Hanks, co-chair of this drive, already revealed when he announced the Academy Museum’s opening date last week.

The bond offering launched by the museum is expected to raise the budget to 450 million, 200 million more than originally budgeted. “With interest rates so low, it seemed like the right thing to do,” Kramer explained to Variety’s microphones, adding that the museum will be able to be financially independent within three to five years. In the meantime, a donation from director George Lucas will allow those under 17 to enter free of charge.

“We aim to be self-sustaining through a combination of ticket, restaurant, store and fundraising revenues and a robust membership program-we haven’t even opened yet and we already have 3,000 members,” Kramer added.

Words of praise were also spent in the interview on Renzo Piano’s architecture. “The sphere was very complicated to build,” said Kramer, referring to the Geffen Theater, a dome that seats 100 (pictured during its construction) “We’re excited about it. It’s beautiful. It’s exactly the way we wanted it.”

A reminder that the official website of the Academy Museum of Motion Pictures is already available.

Museum of the Oscars, lack of funding is the reason for continued delays in opening

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