Sunday night marks the biggest event in Hollywood as the stars of the silver screen come out for the 88th Academy Awards. The likes of Leonardo DiCaprio, Jennifer Lawrence, Matt Damon, Cate Blanchett, Eddie Redmayne and Kate Winslet will be in attendance. Films such as "The Revenant," "The Big Short," "Carol," "Mad Max" and "The Martian" are just some of the films nominated for an Oscar trophy.

Comedian Chris Rock, who helmed the ceremony in 2005, will return to host the show once again when the coveted statuettes are handed out on Sunday, February 28, at the Dolby Theater in Hollywood, California.

"Good Morning America" anchors Michael Strayhan and Robin Roberts, along with Amy Robach and Laura Spencer will host the red carpet pre-show. Expected to perform at the show are artists such as Lady Gaga, whose song is nominated for an award, The Weekend, Sam Smith, Dave Grohl and a few other surprise performers.

Leonardo DiCaprio, who lost his four previous nominations, is favored to win his first Oscar for his leading role in "The Revenant." Cate Blanchett and Brie Larson will compete for Best Actress in a Leading Role with the latter being the one favored to win. Both actors are the also choices of entertainment critics and writers who put together this list of winner predictions for ABC News.

The Los Angeles Times predicts that the biggest award of the night, the Oscar for Best Picture, will go to "The Big Short," citing the academy's preferential voting system. The trophy for Best Director is expected to be handed out to Directors Guild winner Alejandro González Iñárritu. If this turns out to be accurate, he will become the first director to take consecutive Oscars since Joseph L. Mankiewicz in 1950-51.

Here is a list of nominees for the most popular Oscars categories; the highlighted entries are the ones predicted to win (according to ABC News) their respective categories. Head here to see the full list of nominees.

Best Picture

"The Big Short"

"Bridge of Spies"

"Brooklyn"

"Mad Max: Fury Road"

"The Martian"

"The Revenant"

"Room"

"Spotlight"

Best Actor

Bryan Cranston, "Trumbo"

Matt Damon, "The Martian"

Leonardo DiCaprio, "The Revenant"

Michael Fassbender, "Steve Jobs"

Eddie Redmayne, "The Danish Girl"

Best Actress

Cate Blanchett, "Carol"

Brie Larson, "Room"

Jennifer Lawrence, "Joy"

Charlotte Rampling, "45 Years"

Saoirse Ronan, "Brooklyn"

Best Director

Adam McKay, "The Big Short"

George Miller, "Mad Max: Fury Road"

Alejandro González Iñárritu, "The Revenant"

Lenny Abrahamson, "Room"

Tom McCarthy, "Spotlight"

Best Animated Feature Film

"Anomalisa"

"Boy and the World"

"Inside Out"

"Shaun the Sheep Movie"

"When Marnie Was There"

The ABC Network will air the official Oscars telecast on 8:30 p.m. ET or 5:30 p.m. PT. A red carpet pre-show will be broadcast at 7:00 p.m. ET/4:00 p.m. PT. While the easiest way to watch the Oscars 2016 is via television, there are options to catch the awards show online for those who are away from their TV sets.

An Oscars 2016 live stream will be offered by ABC via their website. Film enthusiasts who want to view the show on their smartphone or tablet screens can download the WATCH ABC app and watch it there. These platforms, however, require users to have a television provider account, but it is possible to ask for a friend's or family member's account and use it to log in.

For those outside the United States, The Hollywood Reporter put together a practical guide on how to watch the ceremony. Some countries require certain channel apps (e.g. Mexico) while others, such as Canada, will stream the show on their national network, CTV.  

Film buffs who are also interested in fashion and celebrity interviews will have their needs fulfilled by tuning in to ABC's Facebook page or E! Online as both platforms will offer free live stream of the Oscars 2016's red carpet.