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Wikipedia says…

The Grammy Awards (originally called the Gramophone Awards)—or Grammys—are presented annually by the National Academy of Recording Arts and Sciences of the United States for outstanding achievements in the record industry. The awards ceremony features performances by prominent artists, and some of the more prominent Grammy Awards are presented in a widely-viewed televised ceremony. The current President of the Academy is Neil Portnow. The Grammys are considered the highest music honor, the U.S. record industry's equivalent to the Academy Awards (Oscars) for motion pictures.