Allan Stratton at Quillette:
The Oscars have never been about art. As Louis B. Mayer once remarked, recalling the creation of his brainchild, “I found that the best way to handle [moviemakers] was to hang medals all over them. If I got them cups and awards, they’d kill themselves to produce what I wanted. That’s why the Academy Award was created.” Awards had the further benefit of projecting an aura of respectability on a field then associated with vaudeville and debauchery. The awards’ host, the Academy of Motion Pictures Arts and Sciences, was created for the same reason—and to handle labour disputes without unions (postmodernists are hardly the first to use language to redefine reality). Besides, an awards event hosted by an organization with a highbrow name created plenty of free publicity.
More here.