Whatever its issues with racial and gender equality, the Oscars still represents the most prestigious and glamourous event in red carpet season.
It can also provide us with some incredible watercooler moments - if last year's painfully embarrassing Best Picture gaffe is anything to go by.
The Hollywood event obviously isn't the most conveniently timed for UK viewers, but if you are planning to stay up late to watch the ceremony live, here's everything you need to know.
Saoirse Ronan is Oscar nominated for her role in Lady Bird (Photo: Shutterstock)
When are the 2018 Oscars?
The 90th Academy Awards will take place on 4 March 2018, at the Dolby Theatre at Hollywood & Highland Centre in Los Angeles.
The world-famous auditorium (formerly known as the Kodak Theatre) has hosted the Oscars every year since 2002.
For viewers in the UK, the ceremony won't start until around 1.30am GMT, and will run until about 4am (with the bigger awards usually coming towards the end of the show), so you might want to clear your diary the next day.
The ceremony usually takes place at the end of February, but this year the date has been moved back slightly so as not to clash with the 2018 Winter Olympics taking place in South Korea.
Who is hosting the 2018 Oscars?
US talk show host Jimmy Kimmel will present the 2018 Oscars (Photo: Shutterstock)
Hosting the Oscars is still regarded as a big honour, and the gig is a sought-after one each year.
Comedian and late-night host Jimmy Kimmel is returning to host the Oscars for a second year in a row, and in doing so will become the first person to host consecutive ceremonies since Billy Crystal in 1997 and 1998.
How can I watch the 2018 Oscars on TV and online?
In previous years, Sky Cinema has run a live transmission on its special Sky Movies Oscars channel, and the ceremony was also available to stream on catch-up service Now TV.
At the time of writing, there's been no official confirmation that Sky Cinema will be running a live broadcast, but a member of the Now TV team has confirmed on their forum that the service will host a streamable version.
— The Academy (@TheAcademy) February 5, 2018
With NowTV on board, it stands to reason that Sky's usual broadcast will go ahead too.
If you're clever about it, you can stream the Oscars for free - and legally.
Now TV offers a two week free trial for its Sky Cinema Pass (normally £9.99 a month). As long as you sign up for the trial any time between 19 February 2018 and the Oscars ceremony, you should be able watch it live and entirely free.
A version of this article originally appeared on iNews