In 2008, the Los Angeles Economic Development Corporation estimated that the Oscars ceremony pumps around $130 million into the local economy every year.

The Motion Picture Academy of Arts and Sciences is said to spend $21.8 million every year on the telecast, according to the Hollywood Reporter. There is another $17 million spent on related events: pre-parties, after parties, press events, screenings, and so on. A big chunk of that, in turn, goes to independent contractors and small businesses.

However, Southern California Public Radio reported Friday that while these numbers look impressive, the annual windfall during awards season will not have that big an impact on L.A.’s long term finances.

Alec Levenson, economist at USC’s Center for Effective Organizations, said the Oscars falls in the same category as other big events like the Olympics and the Super Bowl.

“While there are many people who might do fairly well for the small amount of time leading up to the Oscars or during it … I really don’t see it having that much of a material impact on the economy,” said Levenson.