{"id":37307,"date":"2025-02-15T12:00:00","date_gmt":"2025-02-15T11:00:00","guid":{"rendered":"https:\/\/www.ie.edu\/uncover-ie\/?p=37307"},"modified":"2026-03-25T17:54:12","modified_gmt":"2026-03-25T16:54:12","slug":"cultural-capital-academy-awards-imba","status":"publish","type":"post","link":"https:\/\/www.ie.edu\/uncover-ie\/cultural-capital-academy-awards-imba\/","title":{"rendered":"Why do awards matter? Cultural capital at the Oscars"},"content":{"rendered":"<\/span> 8<\/span> min read<\/span><\/span>\n

We’re in the throes of awards season. Oscars, Emmies, Golden Globes, Tonies\u2014the world once again turns its attention to tiny statuettes of great importance. But why do awards matter so much? And who stands to gain most from this annual exchange of cultural capital?<\/p>\n\n\n\n

Read on as we zone in on the concept of cultural capital, analyze entertainment buzz and catch up with a graduate of IE Business School<\/a>‘s International MBA<\/a> who’s landed a place on the Academy Awards 2025 Nominations list<\/a>.<\/p>\n\n\n\n

What is cultural capital?<\/h2>\n\n\n\n

First, what’s the definition of cultural capital? In this context we’re discussing Pierre Bourdieu<\/a>‘s argument that there are three types of capital: economic, cultural and social. Economic capital drives power, but social and cultural capital both feed into the torrent. That’s because social knowledge or cultural prestige either signal or open access to economic capital. We can define social capital<\/a> vs cultural capital in the following way:<\/p>\n\n\n\n

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Social capital is behavior that identifies us with a particular group of people, while cultural capital is our understanding of cultural codes. Both can overlap.<\/h3>\n<\/div>\n\n\n\n
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Don’t worry, we’ll go into more detail. But a quick disclaimer\u2014Bourdieu’s theory of economic, cultural and social capital<\/a> is just that: a theory. It hinges on the idea that social behavior is another means of competing for economic resources<\/a>. But clearly there’s no empirical grounding for that, as it doesn’t account for all the nuances in human behavior.<\/p>\n\n\n\n

With that out the way, let’s look at Bourdieu’s three iterations of cultural capital.<\/p>\n\n\n\n

Embodied cultural capital<\/h3>\n\n\n\n

Embodied cultural capital is the knowledge, skills and outlook you gain from your social standing. All help you meet cultural expectations and are often picked up unconsciously. This could be a trained eye for art or the ability to read sheet music.<\/p>\n\n\n\n

Objectified cultural capital<\/h3>\n\n\n\n

Objectified cultural capital is a physical object you can own. Books or paintings, for example. Often, only those with a certain amount of embodied cultural capital can “understand” what these objects represent.<\/p>\n\n\n\n

Institutionalized cultural capital<\/h3>\n\n\n\n

Institutionalized cultural capital is when an organization recognizes an individual. As such, the established vanguard of culture bestows its capital on a select few.<\/p>\n\n\n\n

The exchange of cultural capital at the Oscars<\/h2>\n\n\n\n

Awards ceremonies like the Oscars<\/a> use every iteration of cultural capital. The nominated artists provide embodied cultural capital. The awards are objectified cultural capital. And the organizers provide institutionalized cultural capital.<\/p>\n\n\n\n

These three magic ingredients offer an exchange of cultural capital that captivates audiences worldwide. The Academy Awards’ hype is akin to a major sporting event\u2014except, much like Bourdieu’s theory, there is no empirical basis for the winners. They just are.<\/p>\n\n\n\n

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And while we may disagree with some decisions, we accept these awards are decided by those with greater tastes than our own.<\/h3>\n<\/div>\n\n\n\n
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The Oscars are decided by the Academy of Motion Picture Arts and Sciences<\/a>. The Golden Globes by the Hollywood Foreign Press<\/a>. The Emmies, by the Academy of Television Arts & Sciences<\/a>. All purveyors of cultural capital\u2014because we\/they say so. So how do they hold onto a status that’s so immaterial?<\/p>\n\n\n\n

Award season controversy: Capitalism and Oscars combine<\/h2>\n\n\n\n

Who remembers the Will Smith slap<\/a>? Or the La La Land \/ Moonlight<\/a> mix up? We can all agree that award season controversy is great reading material. It’s also great social capital<\/a>. Let me explain: In Jonah Berger’s “Controversial” he outlines that viral content is shared, in part, because it makes the sharer look interesting. When ceremonies like the Oscars cause a stir in popular culture, their social relevance translates into viewership.<\/p>\n\n\n\n

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