Robert Redford addressed his Oscar snub for his work in All Is Lost during a press conference at Sundance on Thursday, Jan. 16; "I'm not upset by it" Credit: Karwai Tang/WireImage

Robert Redford isn't holding a grudge. During a press conference at Sundance Thursday, Jan. 16, the veteran actor addressed a crowd about his Oscar snub for his work in All Is Lost that happened just hours earlier.

"I don't want that to get in the way of why we're here. Let me just speak frankly about how I feel about it," the 77-year-old said. "Hollywood is what it is, it's a business and so when these films go to be voted on, usually they're heavily dependent on campaigns."

Redford explained that he joined the action drama to get back to his roots as an actor, but realizes there's aspects about Hollywood that are simply out of a performer's control.

"In our case I think we suffered from little to no distribution," he reasoned. "And so as a result, our distributors – I don't know why -- they didn't want to spend the money, they were afraid, they were just incapable, I don't know."

He added: "I'm not disturbed by it, I'm not upset by it because, like I said, it's a business."

On Sunday, Redford also lost in the Best Performance By An Actor category at the 2014 Golden Globes to Dallas Buyers Club's star Matthew McConaughey. Redford previously won an Oscar for Best Director for Ordinary People and an Honorary Award in 2002.