BBC Live Summary
The film world is gathered in Los Angeles for Hollywood's biggest night of the year.
This year's winners are the hardest to predict for some time, with most of the acting categories wide open.
Everything Everywhere All at Once has the most nominations with 11, while All Quiet on the Western Front and The Banshees of Inisherin have nine each.
So far, the biggest news is that the red carpet is not actually red for the first time in 62 years - it's "champagne-coloured", the Academy says.
Jimmy Kimmel is hosting, and there will performances from Rihanna and Lady Gaga.
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