The Oscars, formally known as the Academy Awards, recognise excellence of actors, actresses, directors, writers and the professionals behind the screens in the film industry, and are presented annually by the Academy of Motion Picture Arts and Sciences.
The first Academy Awards ceremony was held in 1929 at the Hotel Roosevelt in Hollywood and was hosted by actor Douglas Fairbanks and director William C. de Mille and was watched by just 270 people. Since the first year, the awards have been broadcast publicly, at first by radio then on television from 1954. During the first 10 years, the results were given to newspapers for publication at 11pm on the night of the awards. However, this method was ruined when the Los Angeles Times announced the winners before the ceremony began; and as a result, the Academy has used sealed envelopes to reveal the name of the winners since 1941.
The formal event is now one of the most prominent award ceremonies on the globe. It is also the oldest award ceremony in the media, and many other award ceremonies such as the Grammy Awards, Golden Globe Awards, and Emmy Awards are often modelled from the Oscars.
The 82nd Academy Awards, honouring the best of 2009, will be held on March 7th at the Kodak Theatre in Hollywood (venue since 2002), with actors Steve Martin and Alec Baldwin hosting the event.
Blockbuster sci-fi epic Avatar, named best film drama at the Golden Globe awards in January, is the favourite for Best Picture while its director James Cameron, also honoured at the Globes, heads the Best Director market.