Final answer:
The film 'La La Land' earned 14 Oscar nominations in 2016 but did not win Best Picture, showcasing the intense competition and unpredictable nature of the Academy Awards.
Step-by-step explanation:
The movie that set an Academy Awards record in 2016 by earning 14 Oscar nominations, yet did not win "Best Picture" is La La Land. This film tied with "All About Eve" and "Titanic" for the most nominations received by a single film, a testament to the collaborative effort of the cast and crew as well as the investment required in filmmaking.
Despite the numerous nominations, La La Land did not take home the Best Picture award, which highlights the competitive nature of the Oscars and the unpredictable outcome of the voting process by the Academy of Motion Picture Arts and Sciences.