The Oscars, or the Academy Awards, are of subjective importance based on public perception of the value of the Academy's opinions and on the prestige associated with winning awards and prizes. There is no objective standard by which the importance or lack of importance of an Oscar win can be evaluated.
The Oscars generally do not agree with mass critical consensus and are very limited in the films which they will celebrate and give awards. Despite this, they are a fixture of the film industry and a national yearly event with enormous media exposure around the entire world's media cycle.
Public perception that the Oscars are important and meaningful is the largest single contributing factor to the weight of the Academy's opinion. The Oscars are a concentrated center of pop culture which collects a great many influential voices and places them alongside one another in celebration of the film industry, increasing this appearance of importance.
According to the Washington Post, an Oscar win can increase a film's lifespan at the box office and can help to boost ticket sales and critical acclaim. This economic incentive to win an award could be considered part of the importance and cultural impact of the ceremony and the way it celebrates specific parts of culture.