Useless little film receiving Oscar (4)
I believe the answer is:
void
'useless' is the definition.
(thesaurus)
'little film receiving oscar' is the wordplay.
'little film' becomes 'vid' (short for video).
'receiving' is an insertion indicator.
'oscar' becomes 'O' (phonetic alphabet: alpha, bravo, charlie etc.).
'vid' enclosing 'o' is 'VOID'.
(Other definitions for void that I've seen before include "Empty space or not legally binding" , "Gap, absence" , "Blank, invalid" , "Empty space or vacuum" , "Nullify" .)