The Academy Awards, also known as the Oscars, is an annual awards ceremony honoring outstanding achievements in the film industry. Organized by the Academy of Motion Picture Arts and Sciences, the event recognizes excellence in various categories, including Best Picture, Best Director, and Best Actor. The awards are presented to films released in the previous year. The first Academy Awards ceremony took place in 1929, making it one of the oldest awards shows in the world. The winners are selected by the Academy's voting members, which include industry professionals such as directors, producers, and actors. The ceremony is widely viewed and celebrated globally.