Demi Moore Is Best Actress Oscars-Worthy in ‘The Substance’

“The Substance” is more than just blood and guts — it’s got a career-topping performance by Demi Moore, who is worthy of serious Oscar consideration.

In Coralie Fargeat’s daring body horror film Moore delivers possibly her most daring role ever. A dark exploration of youth, beauty and the relentless demands on women in Hollywood, it’s a visual stunner with jaw-dropping prosthetics and an engrossing narrative. It’s already generating buzz after debuting at Cannes, but now adding Toronto Film Festival to the mix, it’s become a fan (and industry) favorite and could be on the road to the Academy Awards.

But how do you describe the experience of watching such an audacious film?

Imagine if movies were people. Then picture “Death Becomes Her” meeting “The Fly” at a swanky West Hollywood nightclub. A night of passion ensues, leading to a child — “Titane” — who grows up to marry “The Witches” during a wild Las Vegas trip. Their future chaotic love child might resemble “The Substance.”

Read: You can see all Academy Award predictions in all 23 categories on one page on the Variety Awards Circuit: Oscars.

Told in three evocative chapters, “The Substance” follows Elisabeth Sparkle (Moore), the star of a hit aerobics show, who finds herself unceremoniously fired on her 50th birthday. When she’s offered a mysterious serum that transforms her into the most beautiful, “perfect” version of her 20-year-old self, Elisabeth’s life takes a surreal and unsettling turn.

Moore hasn’t always had the opportunities to stretch her acting abilities — until now. Under Fargeat’s visionary direction, her haunting and multifaceted performance proves just how much range she has. A moment in the movie involving Moore putting on, and continuously removing lipstick is undoubtedly the most extraordinary scene she’s ever filmed.

But here’s the hard truth: getting Moore the Oscar nomination she deserves will be no easy feat. A nomination for her bold, fearless portrayal would be one of the Academy’s coolest choices ever, rivaling Marisa Tomei’s surprise nom (and win) for the comedy “My Cousin Vinny” (1992). In addition, convincing Academy voters to embrace this 140-minute roller coaster — with its wild themes and even ambitious performances — will require a Herculean effort from Mubi, the film’s distributor, and the awards strategists.

One notable factor: Moore, now 61, embodies the type of comeback tale AMPAS loves to recognize. She first rose to prominence in the 1980s with films like “St. Elmo’s Fire” (1985) and “About Last Night” (1986), but her star skyrocketed when she landed the iconic role of Molly Jensen in “Ghost” (1990). Despite a Golden Globe nom, she was eventually overlooked by the Oscars, despite the film going on to win two Oscars, including best supporting actress for Whoopi Goldberg.

Since then, Moore has taken on a wide variety of roles — from a JAG attorney in “A Few Good Men” (1992) to a chief risk management officer in J.C. Chandor’s tense workplace thriller “Margin Call” (2011). She’s also experienced her fair share of critical flops, like “The Scarlet Letter” (1995) and “G.I. Jane” (1997).

One industry voter we talked to spoke highly about Moore’s career, and also mentioned how impressed they were with her as a person given her unwavering support of ex-husband Bruce Willis.

Following Moore’s Variety cover story, “The Substance” made its North American debut at TIFF as the Midnight Madness premiere selection, prompting strong word-of-mouth from viewers and five additional screenings, which is a testament to the reaction and demand. While the race for the TIFF People’s Choice Award is competitive (and utterly wide open), don’t be surprised if this dark horse contender places in the top three, or better yet, takes home the award.

In terms of technical achievements, the film’s best shot at Oscar glory might lie in the makeup and hairstyling category, which is crucial to Moore’s various and psychedlic transformations. If history is any indication, a nomination here could boost her chances. Since 2020, of the 20 nominated movies for makeup and hairstyling, 10 of them also picked up correlating acting nominations.

Yes, genre bias and the film’s graphic nature are significant hurdles. But I urge Academy voters: Take the time (and the anti-nausea medication) to see “The Substance” on the big screen. Let Fargeat’s vision challenge your perceptions of Hollywood. One thing is for sure — you won’t be bored.

“The Substance” opens in theaters on Sept. 20.