The only awards that matter are the technical awards. Because the only people who are allowed to vote on those are people who are actual technical people in that field in the industry. (I was happy with the outcome of the two audio awards, for the record.) For the rest of the awards, "The Academy" is basically anyone who ever-so-remotely or indirectly worked on a film that year. It practically amounts to a cross-section of average people, i.e. a simple popularity contest. I myself was eligible to vote in the Grammys one year, but I didn't bother.
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