Insiders from the film industry have revealed that Will Smith’s notorious incident at the Oscars may have resulted in a loss of $1 billion in future earnings and disrupted his return to Hollywood. Following the altercation with Chris Rock at the 94th Academy Awards ceremony in March 2022, Smith, who previously earned up to $35 million per film, has faced the suspension of several significant projects.
The incident, in which Smith slapped Rock for making a joke about his wife, Jada Pinkett Smith’s alopecia-induced baldness, led to a sharp decline in Smith’s box office value. The fallout resulted in the suspension of a billion-dollar deal, layoffs at the Smiths’ production company, Westbrook, and halting several films on Smith’s roster, including “Bad Boys 4.” These delays and cancellations have led to a significant loss in potential earnings.
Beyond the cancellations of film projects, Smith’s career also suffered as major streaming platforms distanced themselves. Both Netflix and Apple TV+ put their projects with the actor on hold. Reports also indicate that his talent agency, Creative Artists Agency (CAA), debated continuing to represent him. Furthermore, various endorsement deals have been suspended or terminated, adding to the financial impact.
The Academy of Motion Picture Arts and Sciences promptly prohibited Smith from attending any Academy events, including the Oscars, for a decade in response to the incident. This marks the first time in its 94-year history that a winner has been barred from future ceremonies. Despite this, Smith remains eligible for nominations and awards, but his physical attendance at ceremonies is forbidden until 2032. Before the incident, Smith’s career flourished, with his recent Best Actor win for “King Richard.”
In October 2023, Jada Pinkett Smith added to the ongoing turbulence by revealing that she and Smith had been leading “completely separate lives” since 2016. “We were still trying to figure out how to be in partnership between the two of us,” she stated while maintaining that they remain married without pursuing a legal divorce. The disclosure was part of her memoir’s promotion, discussing how the Oscars incident influenced their relationship dynamics.
The Oscars slap continued to echo through the 2023 Academy Awards, as host Jimmy Kimmel repeatedly referenced the incident. “If anyone commits an act of violence, they will be awarded the Oscar for best actor,” Kimmel joked in his opening monologue. The Academy established a crisis team in response to the incident and introduced new security measures and response protocols for live broadcasts.
On the other hand, Rock leveraged the controversy in his Netflix special, discussing the impact of the slap and acknowledging Smith’s physical advantage over him. The comedian reportedly declined the offer to host the 2023 Oscars and rejected several lucrative offers for interviews and documentaries related to the incident. Rock has since used the incident as material for his stand-up performances, often poking fun at Smith and Pinkett Smith.
Smith’s first film release after the Oscars incident, “Emancipation,” received mixed responses, with some Oscar voters openly refusing to support his work. The controversy compounded the challenges presented by the film’s $120 million budget and demanding production schedule. Industry analysts speculate that it may take years for Smith to rebuild his career value, and some projects may be permanently shelved. The estimated $1 billion loss considers canceled films, sponsorship deals, and future opportunities over the next decade.
Despite these professional challenges, Jada Pinkett Smith has stated that the incident has fortified their marriage. She disclosed that Smith had permitted her to include their personal stories in her memoir, “Worthy,” and had reviewed it without requesting any changes. Neither attended the 2023 Academy Awards, while Rock was seen at a viewing party. Westbrook Media, the couple’s production company, has undergone substantial restructuring, with several projects either canceled or indefinitely delayed.