The latest official MPAA bulletin has been released and notably Shame, the upcoming drama from Steve McQueen (Hunger), has been branded with an NC-17 rating. Fox Searchlight, the company who recently picked up distribution rights for the film, have seemingly embraced this rating, one which usually means instant box-office failure.

First the official word from the MPAA bulletin, thanks to Rope of Silicon:

Rated NC-17 For some explicit sexual content.

Now this rating, regardless of reasoning usually means box-office suicide for any studio to distribute. In fact, this has everything to do with Fox Searchlight purchasing the rights to Shame for only $400,000 despite a reported budget of $6.5 million. Even so, the comments made to The Hollywood Reporter by Fox Searchlight President Steve Gilula:

“I think NC-17 is a badge of honor, not a scarlet letter. We believe it is time for the rating to become usable in a serious manner,” says Gilula. “The sheer talent of the actors and the vision of the filmmaker are extraordinary. It’s not a film that everyone will take easily, but it certainly breaks through the clutter and is distinctive and original. It’s a game changer.”

While we agree that form an artistic level, an NC-17 should not determine the merits of any film, it is surprising that Fox Searchlight is taking such a gamble. In fact, having seen the film earlier this year at the Mill Valley Film Festival, we’d argue that “some explicit sexual content” does not cover nearly all the bases when describing the harshness of Shame.

It will be interesting to see how this one plays out, as Shame is sure to be an Oscar-contender in numerous categories. Only time will tell just how much (if at all) the NC-17 rating hurts this film, as it is fantastic and does deserve its recognition.

What do you think? Do any NC-17 films stand a chance at Oscar gold?