"Carol" is leading the nominations at the upcoming Golden Globe Awards with five entries.

The period drama tells the story of two women who fall in love in the 1950s.

"Carol" will compete for best film drama, original score and best director.

Actresses Cate Blanchet and Rooney Mara are both up for best actress honours.

"The Revenant," "The Big Short," and "Steve Jobs" each received four nods.

Alejandro Gonzalez Inarritu is nominated for directing the film "The Revenant."

The director says he is planning a party already.

"I am feeling very happy, very thankful for the recognition of the work of everybody, almost everybody, involved in the film. I think everybody did a terrific job and I am super happy that we will have a reason to get together and have a drink and celebrate. That is the greatest part of it you know? Very happy, very excited about it."

Veteran actor Leonardo DiCaprio, who scored a best actor nomination for his role in "The Revenant," is widely considered the front-runner to win the award this year.

He will be competing with last year's winner Eddie Redmayne, who also won a nomination this year for portraying the world's first transgender person Lili Elbe in the film "The Danish Girl."

Other nominees in the category include Michael Fassbender in "Steve Jobs" and Will Smith in "Concussion."

In the television categories, the nominations come somewhat as a surprise with nominations widely spread.

"American Crime," "Fargo," "Mr Robot," "Outlander," "Transparent" and "Wolf Hall" all landed three nominations each.

In the best drama TV series category, Empire, Mr Robot, Narcos and Outlander are competing for the first time, while Game of Thrones is nominated again.

Past winners such as "The Affair" and "Mad Men" were shut out in the field.

The best acting awards in a TV series will have some household names in the ring, including Emmy winner Viola Davis from "How to Get Away With Murder", Taraji P. Henson from "Empire", Robin Wright from "House of Cards" and Jon Hamm for "Mad Men."

Another surprise is Lady Gaga who is nominated in the best actress in a miniseries for her role in "American Horror Story: Hotel."

The nominations and winners of the Golden Globe Awards are decided by 93 members of the Hollywood Foreign Press Association from 55 countries.

Ricky Gervais will return to host the ceremony on January 10th.