Watch The 2016 Oscar Nominations Announcements Live

The Golden Globes were fun and all, but it's time to get serious as Hollywood prepares to hand out the biggest prizes at the Academy Awards. The Oscar nominations are finally upon us, and with their arrival come tons of questions about which performances and films will be honored as the best of 2015.

Will Leonardo DiCaprio earn a nomination and a possible first Best Actor win for The Revenant? Can fan-favorite Mad Max: Fury Road overcome the stigma of sci-fi movies and break into the Best Picture race? Can Tom McCarthy's acclaimed Spotlight hold on to its momentum?  Who will challenge Brie Larson's performance in Room as a contender for Best Actress?

The announcements take place at 8:30am EST and you can watch the live stream right here courtesy of ABCNews.com.

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