The Palme d'Or is the highest prize awarded at the annual Cannes Film Festival, which takes place in Cannes, France. Established in 1955, it recognizes outstanding films and is considered one of the most prestigious awards in the film industry. The award is presented to the director of the winning film, highlighting their artistic vision and contribution to cinema. Winning the Palme d'Or can significantly boost a film's visibility and success, often leading to increased box office sales and international distribution. Notable winners include acclaimed directors like Bong Joon-ho for "Parasite" and Jane Campion for "The Piano," showcasing a diverse range of storytelling and filmmaking styles.