The candy-colored love story earned nods for best picture, best director for 32-year old Damien Chazelle and best actress and actor nods for its lead stars, Emma Stone and Ryan Gosling at the nominations.
The Academy, which faced a lot of criticism for its lack of diversity for last two years, addressed the topic by nominating actors like Denzel Washington, Octavia Spencer, Viola Davis, Ruth Negga, Mahershala Ali, British-Indian Dev Patel, Naomie Harris and films like "Hidden Figures" and "Fences" and "13th".
Actor-director Mel Gibson, who was made an outcast for his anti-Semitic rants in the past, signalled his comeback to Hollywood with war drama "Hacksaw Ridge". The film surprised award pundits by scoring six nods, including the best picture, director and best actor for Andrew Garfield.
"Hacksaw Ridge" tied in the third place of the nominations list with "Lion", a true story about a man searching for his lost family in India, and Kenneth Lonergan's tragic drama "Manchester by the Sea", starring Casey Affleck.
Casey, who stars in "Manchester by the Sea", is a front-runner already after picking up a Golden Globe and a bunch of critics honors but previous best actor Oscar-winner Washington and Gosling may upset his sprint with their powerful portrayals in "Fences" and "La La Land". Garfield and Viggo Mortensen are the other nominees in the category.
Meryl Streep, who created quite a stir with her politically-charged speech against President Donald Trump at the Golden Globe, broke her own record by bagging her 20th nomination, the most for any actor ever.
in the best supporting actress category for her role in "Fences". She will face competition from Nicole Kidman ("Lion"), Spencer ("Hidden Figures"), Michelle Williams in "Manchester by the Sea" and Naomie Harris in "Moonlight".
Golden Globe best supporting actor Aaron Taylor-Johnson did not feature in the nominations list but his "Nocturnal Animals" co-star Michael Shannon was a suprise entrant.
Mahershala Ali ("Moonlight"), Jeff Bridges ("Hell or High Water"), Lucas Hedges in ("Manchester by the Sea") and Patel in ("Lion") are the other nominees.
Best foreign language film nominations went to "Land of Mine" from Denmark, "A Man Called Ove" from Sweden, "The Salesman" from Iran, "Tanna" from Australia and German drama "Toni Erdmann".
Like every year, there were a number of snubs, most notable being the absence of Amy Adams in the best actress list despite her moving role of a linguist in sci-fi drama "Arrival".
Hugh Grant, Tom Hanks, Martin Scorsese were other major snubs.
Jimmy Kimmel will host this year's ceremony on February 26.
The Academy tried to make the nominations more interesting this year by inviting previous honorees to share anecdotes about their win as they announced the nominees.
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