The Academy Award for Best Picture is one of the Academy Awards of Merit presented annually since the awards inception in 1929, by the Academy of Motion Picture Arts and Sciences to producers working in the film industry and is the only category in which every member is eligible to submit a nomination. Best Picture is considered the most important of the Academy Awards, as it represents all the directing, acting, music composing, writing, editing and other efforts put forth into a film. Consequently, Best Picture is the final award of every Academy Awards ceremony. The Grand Staircase columns at the Dolby Theatre in Los Angeles, where the Academy Awards ceremonies have been held since 2002, showcase every film that has won the Best Picture title since the award's inception. As of the 86th Academy Awards ceremony, there have been 512 films nominated for the Best Picture award.