The Oscars, traditionally viewed as an American event, has over recent years seen its reach extend to a broader, international audience. This expansion is the result of the Academy’s conscious efforts to internationally diversify its membership, in response to the 2015 outcry over the predominantly white nominees. As a result, the Oscars has come to symbolize both American glamour and international representation, mirroring the globalization of the world.

International marketers have recognized the Oscars’ global appeal and are using the event to establish brand legitimacy and broaden their reach. Brands like Rolex and Cadillac have actively focused on the Oscars as a platform for global expansion and recognition. They believe that aligning with the Oscars, a symbol of success, helps imbibe the brand with the values of excellence and achievement. The steep premium for ads during the Oscars – $2.6 million for a 30-second slot – signals a significant return on investment that these brands see in the international market.

A key takeaway from this article is the changing nature of marketing in today’s interconnected world. As the Oscars has evolved into a global event with a multicultural audience, brands have seized the opportunity to mirror this diversity and broaden their appeal. Moreover, they are also recognizing the power and potential of symbols – the Oscar trophy being a symbol of excellence and achievement – to elevate their brand image. Thus, marketers worldwide should not underestimate the value of cultural or popular symbols and their potential to resonate with various demographics around the globe.

Read more at Fast Company – co-design