How Much Does It Really Cost to Create a Golden Emmy Statue — and Do Winners Actually Have to Pay for Their Award?

With the 69th annual Emmy Awards around the corner, here’s a brief rundown of the show’s glamorous history.

The first Emmy Awards ceremony was held January 25, 1949 at the Hollywood Athletic Club in Los Angeles, and tickets cost only $5 — yes, five $1 bills. What a world to live in!

Louis McManus created the award we know today — a woman with wings holding an atom. Statuettes cost $400 and take five and a half hours to make. Each golden lady is molded and then coated in copper, nickel, silver and gold.

And the shocking part? Certain winners have to pay to keep the award! Some categories where the winners include a large number of people have to pay a fee to the Television Academy.

And what’s with the name?

“Emmy” comes from the word “Immy,” which is an image tube on a classic TV. It was soon changed to Emmy because of the feminine award.

As for the most-celebrated show in Emmy history, the honor goes to Saturday Night Live, with 221 nominations and 50 wins.

PEOPLE Now’s Jeremy Parsons and Andrea Boehlke will host the PEOPLE and Entertainment Weekly Red Carpet Live pre-show from the brand’s New York studios on Sunday while PEOPLE Deputy Editor JD Heyman and the host of Entertainment Weekly: The Show, Lola Ogunnaike, will report directly from the Emmys red carpet in Los Angeles. (We will also have a panel in New York with Jeremy and Andrea: Jessica Shaw and Touré, hosts of BingeWorthy, will break down the tightest races and Andrea Lavinthal, PEOPLE Style & Beauty Director, and Kahlana Barfield Brown, InStyle Editor-at-Large, will talk all things fashion as the stars arrive.)

The PEOPLE and Entertainment Weekly Red Carpet Live pre-show will stream for two hours on the PEOPLE TV free app, People.com and EW.com. Additionally, the pre-show will stream on InStyle.com, Essence.com, and Time.com. The show will also stream on Twitter: https://people.twitter.com/.