When you sit down to watch the Oscars, what you are really watching is the final battle in a months-long war of financial engineering and campaign strategy. Because in Hollywood, every year is an election year. A small army of Oscars campaign strategists help studios and streamers deploy tens of millions of dollars to sway Academy voters. And the signs of these campaigns are everywhere — from the endless celebrity appearances on late night TV to the billboards along your daily commute.

On today's show, we hit the Oscars campaign trail to learn how these campaigns got so big in the first place. And we look into why Hollywood is still spending so much chasing gold statues, when the old playbook for how to make money on them is being rewritten.

This episode was hosted by Alexi Horowitz-Ghazi. It was produced by Emma Peaslee and edited by Jess Jiang. It was engineered by Cena Loffredo and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.

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