The term 'Film Industry Award' can be summarized by the five-letter word 'OSCAR'. The Academy Awards, commonly known as the Oscars, are awards given annually by the Academy of Motion Picture Arts and Sciences to recognize excellence in cinematic achievements. The awards are presented in 24 categories, including Best Picture, Best Director, Best Actor, and Best Actress. The Oscars are widely considered to be the most prestigious awards in the film industry.