Prison drama The Shawshank Redemption has been hailed by movie buffs as the greatest film to miss out on a best picture Oscar.
The much-loved movie - starring Tim Robbins and Morgan Freeman - was nominated for the 1995 Academy Awards but missed out on the prize to Forrest Gump.
It was ranked the greatest film to slip through the net in a survey to launch a new dedicated Sky Movies Oscars HD channel.
Shawshank was followed in the list by The Green Mile, which was made by the same director, Frank Darabont. Both films were based on stories by novelist Stephen King.
Quentin Tarantino's Pulp Fiction, in joint eighth position, also lost out to Forrest Gump in 1995.
James Cameron's sci-fi film Avatar - which lost out to The Hurt Locker in 2010 - was ranked in third place.
Three films dating back to the 1960s made the list - Mary Poppins, Doctor Zhivago and To Kill A Mockingbird.
Director of Sky Movies, Ian Lewis, said: "Arguably the most prestigious accolade in the film industry, competition is fierce when it comes to the Academy Award for best picture - and as we've found even some of the nation's best-loved movies of all time were pipped to the post in this category."
The new Oscars channel is being launched by Sky Movies on February 11 and will show Oscar winners 24 hours a day, as well as carrying the live broadcast of this year's ceremony on February 24.
Top ten films to miss out on a best picture Oscar (and the films which actually won):
1. The Shawshank Redemption (lost out to Forrest Gump in 1995)
2. The Green Mile (lost out to American Beauty in 2000)
3. Avatar (lost out to The Hurt Locker in 2010)
4. Saving Private Ryan (lost out to Shakespeare In Love in 1999)
5. E.T. the Extra Terrestrial (lost out to Gandhi in 1983)
6. Star Wars (lost out to Annie Hall in 1978)
7. Mary Poppins (lost out to My Fair Lady in 1965)
8. = Doctor Zhivago (lost out to The Sound of Music in 1966)
= Pulp Fiction (lost out to Forrest Gump in 1995)
= To Kill a Mockingbird (lost out to Lawrence of Arabia in 1963)