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The 1st Academy Awards ceremony was held Thursday, May 16, 1929, at the Hotel Roosevelt in Hollywood to honor outstanding film achievements of 1927 and 1928. It was hosted by actor Douglas Fairbanks and director William C. deMille.

Since the first year, the awards have been publicly broadcast, at first by radio then by TV after 1953. During the first decade, the results were given to newspapers for publication at 11 p.m. on the night of the awards. announced the winners before the ceremony began; as a result, the Academy has used a sealed envelope to reveal the name of the winners since 1941.

Today, according to Rules 2 and 3 of the official Academy Awards Rules, a film must open in the previous calendar year, from midnight at the start of January 1 to midnight at the end of December 31, in Los Angeles County, California, to qualify.Rule 2 states that a film must be feature-length, defined as a minimum of 40 minutes, except for short subject awards and it must exist either on a 35 mm or 70 mm film print or in 24 frame/s or 48 frame/s progressive scan digital cinema format with native resolution not less than 1280×720. (For the detailed rules of the award:  http://www.oscars.org/awards/academyawards/rules/index.html )

The members of the various branches nominate those in their respective fields while all members may submit nominees for Best Picture. The winners are then determined by a second round of voting in which all members are then allowed to vote in most categories, including Best Picture.

Source: Thoughts