Michael Jackson's This Is It movie will be submitted for consideration for an Academy Award, Sony Pictures has said.

The film, which shows the late singer's final days, simultaneously premiered around the world on Tuesday.

Sony Pictures confirmed on Thursday that it planned to submit the movie in the Best Picture category.

In order to qualify, the studio must fill out official paperwork and ensure the movie remains open for at least seven days in Los Angeles.

This Is It is currently scheduled to run in cinemas for a two-week period but that could not be extended if demand remains high.

Meanwhile, it was also announced yesterday that the movie had taken $20.1million worldwide in its opening 24 hours.

This Is It took $7.4million in the US and $2million in the UK, according to the BBC.

The movie opened in 3,500 theatres in the US and will eventually be screened in 110 countries.

(by Jason Gregory)