3. The Wizard of Oz was a box office flop in 1939
The Library of Congress has called the 1939 film The Wizard of Oz the most-watched film in American history, but when it was released in theaters in 1939 its studio, Metro Goldwyn Mayer, failed to recoup the cost of its production and promotion. The film was nominated for six Academy Awards but won only two, one of which was for Best Original Song. The Best Picture of the Year award that year went to Gone With the Wind. It was a banner year for films; Stagecoach, Mr. Smith Goes to Washington, Goodbye Mr. Chips, and many other classic films were released in 1939.
The film was the most expensive MGM had ever made up to 1939, and it was not until 1949, when it was re-released, that the studio saw a profit. It was television which made the film a legend, it first appeared on CBS in 1956, broadcast in color though most viewers saw it in black and white. It did not appear on television again until 1959. After that it was broadcast annually, becoming a highly anticipated showcase event as more and more children were exposed to the film for the first time. By the early 1960s, when most prime-time television was still broadcast in black and white, the film stood out – literally – for its lavish color while Dorothy was in the land of Oz.