In similar fashion to their film equivalent (The Academy Awards), The Grammys is an awards show that honors the achievements of the members of the professional music recording industry through a voting system. The members of the Recording Academy vote on who they think is most deserving of an award in 108 categories as specified by the academy. Each year the awards are presented during a live telecast that was begun in 1971 by ABC, but has since been televised by CBS after they bought it in 1973. They were initially known as the Gramophone Awards this is because the trophy itself is a golden gramophone but later they became the Grammys.