CineCalidad. The story of the gold-plated statuette that became the film industry's most coveted prize, AND THE OSCAR GOES TO... traces the history of the Academy itself, which began in 1927 when Louis B. Mayer, then head of MGM, led other prominent members of the industry in forming this professional honorary organization. Two years later the Academy began bestowing awards, which were nicknamed "Oscar," and quickly came to represent the pinnacle of cinematic achievement.