Will Smith, the once-renowned actor who demanded $35 million per film, is now facing a potential loss of $1 billion in future earnings due to his notorious Oscars altercation with Chris Rock, say industry sources. The incident from March 2022 has led to the suspension of significant projects, putting a halt to his Hollywood resurgence.
Smith’s reputation and box office value took a severe hit after he physically assaulted Rock, following a joke about his wife, Jada Pinkett Smith’s alopecia-induced bald head. The incident’s aftermath led to a billion-dollar loss for Smith, and his production company, Westbrook, was compelled to lay off employees. Major projects, such as “Bad Boys 4” were put on hold due to the Oscars scandal, resulting in a significant reduction in potential earnings.
Smith’s career also faced other repercussions beyond the cancelation of films. Major streaming platforms like Netflix and Apple TV+ distanced themselves from the actor and suspended their projects. His representation, Creative Artists Agency (CAA), underwent internal discussions about continuing their relationship with him. Several endorsement deals were also either suspended or terminated, further affecting his income.
The Academy of Motion Picture Arts and Sciences promptly barred Smith from its events, including the Oscars, for a decade. This marked the first instance in the Academy’s 94-year history of a winner being prohibited from attending future ceremonies. While he can still receive nominations and wins, his physical attendance at the ceremonies is forbidden until 2032. Prior to the incident, Smith’s career was on an upswing due to his Best Actor win for “King Richard.”
In October 2023, Jada Pinkett Smith disclosed that the couple had been leading “completely separate lives” since 2016. “We were still trying to figure out between the two of us how to be in partnership,” she stated, noting that their marriage continues without any legal divorce. This information was revealed as part of her memoir promotion, which examines how the Oscars incident impacted their relationship.
Throughout the 2023 Academy Awards, host Jimmy Kimmel repeatedly brought up the infamous slap. “If anyone commits an act of violence, they will be awarded the Oscar for best actor,” Kimmel humorously remarked during his opening monologue. In response to the incident, the Academy set up a crisis team, implementing new security measures and response protocols for live broadcasts.
Chris Rock, the comedian at the center of the controversy, took the incident in stride, even addressing the slap’s impact in his Netflix special, noting how it caused him physical pain, and that Smith had a significant physical advantage. Rock declined to host the 2023 Oscars and turned down multiple lucrative offers to participate in interviews and documentaries about the incident. He has since incorporated the incident into his stand-up routines, often poking fun at Smith and Pinkett Smith.
Smith’s first film after the incident, “Emancipation,” faced mixed reactions, with some Oscar voters publicly refusing to support his work. The situation further complicated the film’s $120 million budget and demanding production schedule. Industry experts predict that Smith’s journey to restore his career value could take years, with some projects potentially being permanently shelved. The estimated $1 billion loss includes canceled films, sponsorship deals, and future opportunities over the next decade.
Despite the professional drawbacks, Jada Pinkett Smith stated that the incident ultimately strengthened their marriage. She shared that Smith approved the inclusion of their personal stories in her memoir, “Worthy,” which he reviewed without suggesting any changes. Neither attended the 2023 Academy Awards, while Rock was seen at a viewing party. The couple’s production company, Westbrook Media, has undergone significant restructuring, with several projects either canceled or indefinitely delayed.
