The Academy Award, also known as the Oscar, is an annual awards ceremony honoring outstanding achievements in the film industry. Established in 1929, it recognizes excellence in various categories, including acting, directing, and writing, making it one of the most prestigious awards in cinema. Each year, the awards are presented by the Academy of Motion Picture Arts and Sciences (AMPAS) and are celebrated globally. Winning an Oscar is considered a significant milestone for filmmakers and actors, often leading to increased recognition and opportunities in their careers.