The Academy Awards, also known as the Oscars, is an annual ceremony that honors outstanding achievements in the film industry. Organized by the Academy of Motion Picture Arts and Sciences, the awards recognize excellence in various categories, including Best Picture, Best Director, and Best Actor. The event typically takes place in February or March and is watched by millions around the world. Winners receive a golden statuette called the Oscar, which has become a symbol of success in filmmaking. The awards are determined by the votes of the Academy's members, who are professionals from different areas of the film industry, including actors, directors, and producers.