This 1940 presentation features highlights of earlier (1928 onward) Oscar ceremonies including Shirley Temple and Walt Disney, plus acceptance speeches for films released in 1939 with recipients and presenters including Vivien Leigh, Judy Garland, Hattie McDaniel, Fay Bainter, Mickey Rooney, Thomas Mitchell, Sinclair Lewis, and more, with host Bob Hope.

This short shows how Hollywood gets ready for the world premiere of an "important" movie. The film celebrated here is Marie Antoinette (1938), which had its premiere at the Carthay Circle Theatre. We see the street leading to the theatre transformed to suggest a garden that might be seen in a French palace. This includes the placement of trees and other foliage, as well as large statues along the route. Grandstands are set up so fans can see their favorite stars as they arrive for the premiere. Finally, the proverbial "galaxy of stars" arrives in their limousines. Fanny Brice and Pete Smith make remarks at the microphone set up on the carpet outside the theatre.