Wiktionary
n. A celebration of the US filmed entertainment industry.
Wikipedia
"Hooray for Hollywood" is a song first featured in the 1937 movie Hollywood Hotel, and which has since become (together with " That's Entertainment" and " Another Op'nin', Another Show") the staple soundtrack element of any Academy Awards ceremony. It is even frequently played during non-American movie ceremonies, e.g. the French César Awards. The popularity of the song is notably due to the lyrics by Johnny Mercer, which reference the American movie industry and satirize the illusory desire of many people to become famous as actors.
Hooray for Hollywood is a two-album set recorded by Doris Day, released by Columbia Records. Frank De Vol arranged and conducted the orchestra for the recordings.
The two-album set was released by Columbia under the catalog number C2L-5, but each individual LP was also released in both monaural and stereophonic versions as indicated below.
Usage examples of "hooray for hollywood".
Well, here I am in hooray for Hollywood and if you want to know what I think of the place I'd have to tell you the truth and say it eats it.