A yearly fashion show with lots of red carpets, boring films and self-congratulatory people. Starts earlier and ends later with every passing year. It's basically the film industry equivalent of The Electoral College. If that doesn't tip you off, nothing will.
Guy 1: "Dude, whatcha doin' on Oscar night?
Guy 2: "I'm gonna write down my Netflix movie selections for the year."
Guy 1: "That's totally rad, dude. Me too.