In 1929, a small group of filmmakers gathered at the Hollywood Roosevelt Hotel for a private dinner. No moving cameras, no televised speeches, no global audience. Just 270 people in a room, honoring the best of their craft. It lasted 15 minutes.

That was the first Oscars.

The Lindy Effect suggests that the longer something has been around, the more likely it is to persist. Much like the Olympics, which take place once every four years, the Oscars have become a ritual that shapes careers, fuels ambition, and celebrates the finest talent in the film industry.

The 2024 Academy Awards attracted 19.5 million viewers in the U.S., with millions more watching worldwide. It became the most-watched awards show in the country since the COVID-19 pandemic.

But while the Olympics is a grand event that gathers nations to compete for athletic glory, the Oscars hold a different kind of power. It's an annual gathering, year after year, that captivates millions of viewers around the world, and despite its frequency, the magic remains.

What makes the Oscar so special?

With fresh faces, new talent, and timeless icons all battling for the same coveted prize, The Oscars give us a chance to see not only who wins but who ascends to immortality.

It’s not just prestige. It’s not just history. It’s the rarest kind of award.

Validation.

Most awards are dictated by public opinion. The best-selling book, the most-streamed song, the highest-grossing movie. The Oscar doesn’t work that way. It’s decided by those who build cinema itself—directors, actors, editors, costume designers, and cinematographers.

Over 10,000 members of the Academy of Motion Picture Arts and Sciences (AMPAS) vote for the winners, all of whom are experts in their fields.

The Academy keeps its full membership list private but releases the names of newly invited members each spring. The 2024 list of new joiners includes Greta Lee (Past Lives), Lily Gladstone (Killers of the Flower Moon), Hidetoshi Shinomiya (Drive My Car), Sandra Hüller (Anatomy of a Fall), and many more.

If you’re a scientist, a Nobel Prize means more than a social media poll about the most popular scientist. If you’re a writer, a Pulitzer carries weight because it comes from the experts. The Oscar is cinema’s equivalent—a recognition from the people who know what excellence really looks like.

The Oscars are governed by the Board of Governors. It is made up of elected representatives from each of AMPAS's 17 branches, which include various disciplines such as acting, directing, writing, sound editing, and more.

Each branch votes for its category. For example, actors nominate the Best Actor and Supporting Actor categories, while directors vote for Best Director.

But then there’s one category that stands above the rest—Best Picture.

This is the one category where every member of the Academy, from all 17 branches, has a say. The one that represents the best of the best in cinema.

As is expected, such a process of selecting winners is a meticulously long journey.

Split into three key rounds:

Until the big reveal, it is alleged that most actors rehearse their “gracious loser” faces. Nominees grip their seats. The room holds its breath.

Then, the words: “And the Oscar goes to…”

It all happens in seconds, but it shapes careers forever. The winner is stepping into a lineage that includes legends. The ones who came before. The ones who set the standard.

Matt Damon, who had already received critical acclaim for a previous role, once shared the impact of winning Best Original Screenplay for Good Will Hunting in 1997 with his friend Ben Affleck, as "nearly indescribable.” It had completely transformed his life.

Interestingly, only after winning an Oscar, did the Indian documentary The Elephant Whisperers gain more viewership and streaming opportunities.

The Oscars are far from flawless.

They’re known for controversies, overlooking countless deserving talents, and have long been a battleground for debates about bias and the need for change.

Leonardo DiCaprio’s win for The Revenant after 22 years and five previous nominations was in itself a historic moment, finally putting a stop to internet memes. His career, filled with iconic performances, had been ignored for far too long. When his name was called, fans and fellow actors erupted in applause, united by the belief that his Oscar was long overdue.

Yet, for all the brilliance some actors bring to the screen, there are still those who’ve never been honored by the Academy. Jim Carrey, for instance, despite his unforgettable performances in The Truman Show, Eternal Sunshine of the Spotless Mind, and Man on the Moon, never even earned a nomination, though he had already claimed a Golden Globe for Best Actor.

The fact that he won Golden Globes for those performances but never even got an Oscar nod raises a lot of questions about how the Academy chooses its nominees. There's definitely a sense of Hollywood favoring more "traditional" (read: musicals) performances, or maybe there’s just a bias against comedic roles or performances that don’t fit the usual “Oscar mold.” The Oscars tend to favor dramatic, heavy-hitting roles, and comedians like Carrey often find themselves overlooked for their more nuanced, dramatic work.

But still, the Oscars go on. And on.

Awards follow prestige, and prestige follows where audiences and money flow. Currently, TV has both. The Oscars ignoring it all this time isn’t a principled stance—it’s inertia. And inertia breaks fast when money is at stake.

Imagine explaining to someone in 1995 that one day, actors who once commanded $20 million per movie would line up for roles in TV shows. They’d laugh. TV was seen as a step down. Now, it’s where the best scripts, biggest budgets, and most ambitious storytelling happen. Meryl Streep in Only Murders in the Building. Robert De Niro in a new Netflix series. Harrison Ford in The Agency and Shrinking. Kate Winslet in Mare of Easttown. Matthew McConaughey in True Detective.

So how long before the Oscars include TV series? The same answer to most big shifts in history: gradually, then suddenly.

Every year, the ceremony retains its sense of unpredictability. The Oscars are a stage for surprises. Audiences tune in for the thrill of history in the making: who will take home the coveted prize? Who will give a speech that moves us to tears? Who will steal the spotlight? Who might trip on their way to the stage?

Will this year bring another unforgettable twist?