Predicting the 2018 Oscar nominations

ABC News' Chris Connelly and People magazine's Jess Cagle also discuss how this year's awards show may be different from past shows.
4:49 | 01/23/18

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Transcript for Predicting the 2018 Oscar nominations
And as you can see we have a very excited audience with us in times square this morning. It's very big around here because it's the Oscar nominations and ABC's Chris Connelly and "People" magazine editorial director Jess Cagle are here to break it all down for us. Thanks for joining us and bringing your vast knowledge. Vast. Of the movies. Vast historical knowledge, Michael. Chris, the first round of nominees were announced. There is a groundbreaking moment. In cinematography. The first woman ever nominated in cinematography for "Mudbound." Rachel Morrison. A beautiful movie if you get to see it on your home screen it's magnificent to look at and she is a trail blazer. A lot of people because Dee Rees, the director was talking about many wen were a part of that film and great to see they're being recognized. And stunning to watch. Fantastic category so the excitement continues. Seeing a lot of nominations and see what happens. All right, best picture, who do you think? That's coming up. Well, we've already seen a lot of support in some of the early nominations for "The shape of water" and "The shape of water" may end up getting the most nominations however the best picture category is just wide open. As far as who is going to win we really, "Three billboards" is a front-runner. "The shape of water" is going to be a front-runner and then there's always a surprise in there as well and they can do up to ten nominees. And you've got a movie like "Get out" which in many respects given the conversation is the movie of the year. Yes, I agree. With the way people talked about it. Every chance it's going to be in the mix. Aren't there younger participants now voting? Younger, more diverse and seeing more inclusive nominations and that will be reflected in some of the people we'll see not just in the best picture categories but acting categories too. And speaking of who is being nominated we have to mention the me too and time's up movements. How do you think that will impact this year's academy awards? I think they'll be very careful about how think handle it during the telecast and I think that, you know, it's possible that James Franco could get an Oscar nomination and that's going to be incredibly interesting to see how that's handled during the ceremony. Voting largely took place before his accusers first came out after the golden globes. Yes, but, you know, they closed in time that it may have had a big impact so frankly I'll be surprised if he gets a nomination, but he very well could. It's a competitive category, best actor, you know, you've got a couple of young faces like timothee chalamet who is likely to get nominated for "Call me by your name" and Daniel kaluuya from "Get out" is a pretty good bet but means Tom Hanks and Daniel day-lewis are fighting to get recognition. A little different this time and, of course, those veterans, they are not just competing against other people but competing against themselves in a way. You think is Tom Hanks, you know, he's always been great. So, you know, we almost expect greatness from him so fun to see how that plays itself out. Of course, there was a lot of talk about best director and no women being nominated for the golden globes and usually that's an indicator for the oscars but, come on. There's -- Greta. Four women in history have been nominated as best director, four African-Americans in history have been nominated so time for that to change. Greta Gerwig, fantastic chance, Jordan Peele with an excellent chance for "Get out" and likely to see new names. Matpatty Jenkins. "Wonder woman." Very interesting, all of these contenders, the biggest hit, "Wonder woman," is directed by a woman. The most profitable movie of the year directed by a black man, Jordan Peele, and that's "Get out." Time will tell and that time is coming up very soon for everybody here. Who do you guys -- you have anybody you want to see nominated? I loved "I, Tonya." "Lady bird." Allison Janney, she swept the awards so far so I'm hoping it continues for the oscars. She was just such a pleasure to watch in "I, Tonya." I tell you what -- How about you? I like "Get out." I thought that was great. "Mudbound," I enjoyed "Mudbound" as well. Ah. So a lot of good movies and choices. "Threebillboards." Frances mcdormand, incredible. Frances mcdormand and Sam Rockwell in that movie. They'll both be nominated. Woody Harrelson with a shot as well. You guys, your knowledge is not -- we're not done with you. We still need it around here so coming up a- We each have clipboards and know what we're talking about. Get a clipboard, that makes them official.

This transcript has been automatically generated and may not be 100% accurate.

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