Watch: The Oscar Nominations Announcement As It Happens – UPDATED With Full List

In the player below, you can watch the 2014 Oscar Nominees being announced live.

Unless you're early, in which case there will be a countdown. Or you're late, in which case there should be a recap.

[youtube]http://www.youtube.com/watch?v=hVDo7S4172o[/youtube]

The Oscars aren't like The Razzies or The Golden Globes (listed in descending order of relevance) as they aren't just a smug, vanity-fest intended to make the award givers feel important. Like, say, the BAFTA awards, The Oscars are the result of a community groupthink from a community where, actually, some of the members matter and will actually know what they're talking about.

Does that mean the best films win Oscars? Does it heck. But it does mean that talent can be recognised and awarded. And that whole thing about an Oscars bump to box-office? Okay, that might be true. And so might the idea that being an Oscar winner gets one more meetings, more scope to do good work.

So, The Oscars would seem to matter in a way – however small a way – that other such ceremonies don't. Roll on March 2nd.

UPDATE: And here's the full list of nominations. If I'm choosing a team at this stage… well, I guess I'd be team Her. Shame it isn't more widely represented – would have been great to see Spike Jonze get into the Director category, for example. The only foregone conclusion, I think, is Gravity in FX.