The Academy Award, also known as the Oscar, is an annual awards ceremony honoring outstanding achievements in the film industry. Established in 1929 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 winners are selected by the Academy's voting members, which include professionals from different branches of the film industry. The ceremony is widely regarded as one of the most prestigious events in cinema, attracting global attention and celebrating the artistic and technical achievements of filmmakers and actors.