It’s time to roll out the red carpet for the 88th Academy Awards ceremony taking place Sunday. The Academy Awards, more commonly referred to as the Oscars, began in 1929 at the Roosevelt Hotel in Hollywood, California.

The Academy of Motion Picture Arts and Sciences presents the awards and honor the best in the film industry from the previous year.

The Oscars offers much more to its viewers than just an awards show. It is a performance worth watching. Celebrities gather in their most decadent gowns and tuxedos to walk down the red carpet, performers sing their top hits and the winners give memorable speeches.

Actor and comedian Chris Rock will host the awards for the second time this year. He hosted the 77th ceremony back in 2005. Musical performers will include Lady Gaga, Sam Smith and the Weeknd, who are all nominated for original song in a film. Dave Grohl is also set to perform.

Awards in 24 different categories are given, including Best Picture, Best Actor and Actress and Best Director. Other categories include costume design, film editing, makeup and visual effects.

Students are rooting for either Matt Damon or Leonardo DiCaprio to win the Best Actor award.

“He has his shirt off half the movie, so I’m rooting for Matt Damon,” Mark Soree, a junior majoring in advertising, said. “I enjoy how he can properly play dramatic roles.”

Ashleigh Martin, a junior majoring in advertising, hopes DiCaprio will finally win. “I want Leonardo DiCaprio to win for The Revenant because he’s beautiful, talented and deserving,” Martin said. “I think the way he dives into the character makes him worthy.”

DiCaprio has been nominated for five other Oscars, and unfortunately, he has walked away empty handed after each ceremony. The internet has taken DiCaprio’s loss to a new extreme by creating never-ending memes poking fun at him for it.

As prestigious as the Oscars are, the show never seems to go without accidental drama, slip ups and celebrity surprises—from Jennifer Lawrence’s infamous onstage trip to Ellen Degeneres ordering pizza. The internet always finds ways to use the Oscars to remind us all that celebrities are in fact mere mortals just like the rest of us.

Actor Ryan Reynolds has already begun the Oscar madness in a tweet about his latest movie, Deadpool, that said, “Only a few hours left for Oscar voting. Too late for a write-in campaign for an ineligible movie?” Posted with the tweet was a poster with a list of humorous awards, such “Deadpool on a bearskin rug” for Best Picture and “Deadpool & his baby hand” for the invented category “Best Love Scene.”

What meme-worthy fun will this year’s Oscars bring us?

Tune in to ABC at 7 p.m. to view the red carpet, followed by the ceremony beginning at 8:30 p.m.