The days after Oscar nominations are announced do not just serve as a chance for nominees to prepare their Academy Award speeches, they also serve as a grace period for film studios to rake in millions of dollars in additional revenue.

According to a four-year IbisWorld study, a best-picture nomination helped bring in an average of $19.6 million in ticket sales for a film after the announcement.

This year, Weinstein Co.'s "The King's Speech" starring Colin Firth as King George VI and Geoffrey Rush as his speech therapist was nominated for 12 Oscars, including best motion picture and best actor for Firth. The film has grossed $91 million, according to Box Office Mojo. Meanwhile, "True Grit" from Viacom Inc.'s Paramount Pictures, which stars Jeff Bridges as a U.S. marshal who helps a 14-year-old girl find her father's killer and received 10 nominations, saw worldwide box office sales of $138 million.

The other eight best-picture nominees were "Black Swan," "The Fighter," "Inception," "The Kids Are All Right," "127 Hours," "The Social Network," "Toy Story 3," and "Winter's Bone."

IbisWorld entertainment analyst Agata Kaczanowska said of Academy Award nominations, "It creates great publicity for the film, especially since the category was opened up for more movies in 2009."

Last year, the academy expanded the number of best-picture nominations to 10 from five after 60 years of tradition in an effort to combat falling audience ratings for the annual broadcast. The tactic worked as last year's Oscars boasted its largest audience in five years.

The 83rd Academy Awards will be broadcast on Feb. 27, 2011 from Hollywood's Kodak Theater on ABC.

Despite the nominations, shares of Viacom (NYSE: VIA) , the parent company of "True Grit" distributor, are trading down 1.09% at $42.48.