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The Academy Awards, nicknamed the Oscars, given for film achievements by the Academy of Motion Picture Arts and Sciences (AMPAS), is an American event but has been universally embraced as the ultimate symbol of success and accomplishment in the world of global cinematic entertainment. Indeed, the importance of the Oscar Awards goes way beyond the film world and the American locale.

For awards to bear motivational significance, they have to fulfill at least three functions: They have to be visible and known to every artist, they have to carry a high degree of prestige, and they have to be within reach of success by any aspiring artist or production company. The Oscars meet all of these conditions: They are visible, they are prestigious, and they are within reach.

There are several reasons for the institutionalization and extraordinary preeminence of the Oscars. First and foremost is the longevity of the award. Conferred for the first time in May 1929 (for achievements in 1927–1928), the Oscar is the oldest film prize in history. A tradition of 82 years (and still going strong) has made the Oscar a respectable symbol with a solid heritage.

The other entertainment awards are like the children and grandchildren of the Oscars. The Antoinette Perry Awards (Tonys), by the League of New York Theaters and Producers and the American Theater Wing, were first presented in 1947. The Emmys, awarded by the National Academy of Television Arts and Sciences, were presented for the first time in 1949. The Grammys, the youngest showbiz awards, were first bestowed by the National Academy of Recording Arts and Sciences in 1959.

Scope and Prestige

The Tony is essentially a local award, given for achievements in the Broadway theater and largely limited to the New York City arena. Movies, by contrast, speak a universal language and have the potential of reaching everyone. Even people who don't live in the United States and don't speak English are aware of the Oscars and their significance.

The Oscar's prestige stems from the status of the Academy within the film industry. The Academy has always been elitist, with membership that constitutes a very small percentage of the film industry. Yet, despite elitism, the Academy's procedures are quite democratic: The Academy, with its various branches, gives equal representation to all artists, regardless of specialty (writers, directors, players). The nomination process is based on peer evaluation: The Acting branch selects nominees in acting, the Directors branch for directing, and so on. However, each Academy member proposes nominees for the Best Picture, and the entire membership votes for the winners in all the categories.

Film artists, like other professionals, attribute the utmost importance to recognition from their peers because they consider them the only experts with the necessary knowledge to make competent evaluation of their work. For most filmmakers, the significant reference group, which sets standards to be emulated and also serves as a frame for judging merits, consists of fellow workers.

Scarcity of Awards

The scarce number of awards also contributes to the Oscar's prestige. In the entire Academy history, about 700 players have been nominated for an Oscar and only 220 have actually won. Every year, only 20 actors are nominated in four categories—Actor in a Leading Role, Actress in a Leading Role, Actor in a Supporting Role, and Actress in a Supporting Role—and only four win, one winner for each category. These 20 performances are selected out of thousands of eligible performances.

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