The Oscars Academy launches a $500 million fundraising campaign

 On Friday, the Academy of Motion Picture Arts and Sciences launched a massive $500 million fundraising campaign in preparation for the Oscars, which will be awarded in their centennial year in 2028.

The initiative, called "Academy100," aims to diversify the funding of the professional organization, which plays an important role in encouraging new directors and preserving films, as well as presenting the annual Academy Awards.

Public interest in America's premier film event has waned significantly in recent years as the Academy's lucrative contract with ABC television to broadcast the Oscars nears expiration.

Academy director Bill Kramer warned in a statement that the Academy "will soon enter a new century" and stressed the need for it to remain "a leading force in the global film community.

He added: "Like all strong organizations, we need a diverse and sustainable base of support.

To date, the campaign has raised more than $100 million in pledges.

The Academy called on its nearly 10,000 members in the motion picture industry, including directors, producers and actors, to donate according to their ability.

In recent years, the Academy has become more international and diverse. Bill Kramer noted that the fundraising campaign aims to "deepen its global influence.

Despite a slight rebound in viewership, the Oscars are still far below historic levels.

About 21 million people watched this year's ceremony, during which "Oppenheimer" presented its competitors, such as "Barbie," for the Best Picture award. Ten years ago, the number of viewers exceeded 40 million.