Tinseltown Trophies refers to awards given to actors, directors, and other people involved in the film industry. The two most well-known Tinseltown Trophies are the Oscars and the Academy Awards. The Oscars, also known as the Academy Awards of Merit, are presented annually by the Academy of Motion Picture Arts and Sciences. The Academy Awards, or Oscars, are the highest honors in the film industry and are awarded for excellence in cinematic achievements.