A small, Deco-inflected statue, produced in limited editions yearly since 1929 and given to those who have achieved excellence in production categories devised by senior employees of the Academy of Motion Picture Arts & Sciences, as voted on by its members. According to legend, the statue reminded an Academy librarian of her Uncle Oscar, and when she said so, the name stuck, and the statues were thus called Oscars.
The Academy Awards were first telecast in 1953 and have become a ritual event for many households, clubs and restaurants -- wherever people gather. Reasons for watching vary. Some watch for the fashion, others to see their favourite actors out of character, others still for the performances (the introductions, Best Song, the tributes, the acceptance speeches). I would even go so far as to say that some watch because they believe it to be a "live" event (it is slightly time-delayed), and as we all know, when something is "live", anything can happen, including announcing the wrong winner.
TV viewership for the Awards peaked in 1998, and since then has been in decline, with many complaining that the Awards are out of touch with current realities. The big story this year is not who will win, but what is it we are watching when we are watching the Oscars (this year, we've been told, Oscars for Editing and Cinematography will not be televised). Actor and CORE co-founder Sean Penn has promised to destroy his Oscar ("I will smelt mine in public") if actor and Ukrainian President Zelensky is not given time and space to speak (presumably in place of Editing and Cinematography presentations). Penn's plea is heart-felt, of course, and something of a boon to ABC, who is presenting the Awards through its network (ad slots for this year's broadcast are selling for upwards of $2M).
Will I be watching? No. But if something remarkable should happen (a pop-up smelter operating in the lobby of L.A.'s Dolby Theatre), I will look for it on YouTube, noting, as I always do, who is selling what before each clip.
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