LOS ANGELES: The American Film Institute kicks off its annual festival on Thursday with a handful of hotly-anticipated world premieres as Hollywood’s awards season picks up pace in the run-up to the Oscars.

Angelina Jolie’s “By the Sea,” the NFL drama “Concussion” starring Will Smith and “The Big Short” — about the credit and housing bubble collapse of the mid-2000s — are all debuting at the 29th AFI Fest, which runs through November 12.

Films that have already premiered elsewhere — like harrowing drama “Room” and 1950s lesbian love story “Carol” — will also be screened, as studios look to further build support for their Oscar campaigns.

The event plays a crucial role in the competition for the coveted golden statuettes, Tom O’Neil, the founder of show business awards prediction website Goldderby.com told AFP.

“It’s the perfect time on the calendar to spotlight contenders to the industry in a highly celebrated way,” he said. The Academy of Motion Picture Arts and Sciences announces Oscar nominations in mid-January, ahead of the ceremony on February 28.

The AFI Fest is “important because there is no frontrunner at the moment for the best picture,” said Tom Nunan, a TV and film producer, and professor at the UCLA School of Theater, Film and Television.

For festival director Jacqueline Lyanga, “it’s really exciting to be a part of that conversation and to know that maybe there was an Academy member who was there and had the chance to see the movie.”

Last year’s AFI Fest included such movies as “Selma” and “American Sniper” — both of which were nominated for Best Picture.