So, I thought I would do some research to see if there has been any studies on this.
Here is the best article that I found on the subject. It is from MovieMaker.
Why does this matter?
Every industry has awards. Whether it’s the Gold Anvil for best PR practitioner, a Jefferson Award for Community or a Goldman Prize for Environmental Protection, each award provides exposure, credibility and trust.
The article says:
An Oscar nomination or award can affect a film’s domestic box office
in one of three ways
1) by extending the number of weeks the film remains in theaters,
2) by increasing the number of screens on which the film appears or
3) by increasing the average revenue per screen.
This can translate to a company to mean it extends the brand’s exposure, helps keep the brand in people’s mind, on people’s tongues (not literally), and brings in additional revenue.