The term 'Oscars and Tonys' refers to two of the most prestigious awards in the entertainment industry. The Academy Awards, or Oscars, are awarded annually by the Academy of Motion Picture Arts and Sciences to recognize excellence in cinematic achievements. The Tony Awards, on the other hand, are presented by the American Theatre Wing and The Broadway League to honor excellence in live Broadway theatre. Both awards are highly sought after and have become a symbol of success in their respective fields.