It's often considered to be a precursor to the Oscars and Emmys, a way of reading the landscape before the real ones come down.
Other people consider it a giant piss-up and an excuse to get wasted in a tuxedo. Whatever it may be, the Golden Globes always makes for good television and good sport on Twitter.
Which is why we'll be live-tweeting the entire event over on at @entertainmentIE on the night in question!
Our live-tweeting will start at 11PM and we'll be watching E!'s feed from the Red Carpet. The ceremony itself kicks off at 1AM sharp on US television. We'll also be first with the snaps and photos from the Red Carpet, as well as highlights of the show the next morning.
Before all that, however, we've got our predictions for the 72nd Golden Globes. First up - the Film categories.
Our reading of these is based on deduction, speculation, analysis and in one case, the fact that we think Michael Keaton's the best thing ever.
Have a look!
BEST ORIGINAL SCREENPLAY
The nominees are...
Wes Anderson - Grand Budapest Hotel
Gillian Flynn - Gone Girl
Alexander Dinelaris, Armando Bo, Nicolas Giacobone, Alejandro Gonzalez Innaritu - Birdman
Richard Linklater - Boyhood
Graham Moore - The Imitation Game
Our winner is...
Gillian Flynn for Gone Girl. For that scene at the end alone. With the blood. You know the one.
BEST ACTRESS (DRAMA)
The nominees are...
Jennifer Aniston - Cake
Felicity Jones - The Theory Of Everything
Julianne Moore - Still Alice
Rosamund Pike - Gone Girl
Reese Witherspoon - Wild
Our winner is...
It's a three-way split between Jennifer Aniston, Reese Witherspoon and Julianne Moore. The smart money says Julianne Moore, but Jennifer Aniston or Reese Witherspoon might snag it. Gun to head? Julianne Moore.
BEST ACTOR (DRAMA)
The nominees are...
Steve Carrell - Foxcatcher
Benedict Cumberbatch - The Imitation Game
Jake Gyllenhaal - Nightcrawler
David Oyelowo - Selma
Eddie Redmayne - The Theory of Everything
Our winner is...
Steve Carrell and his prosthetic nose. Also, for the fact that John DuPont seemed like a super-sinister version of Michael Scott.
BEST ACTRESS (COMEDY / MUSICAL)
The nominees are...
Amy Adams - Big Eyes
Emily Blunt - Into The Woods
Helen Mirren - The Hundred Foot Journey
Julianne Moore - Map To The Stars
Quvenzhane Wallis - Annie
Our winner is...
If Julianne Moore doesn't win in the Drama category, she'll win here. Or she could win both. After her, it's an open race. Amy Adams? Maybe?
BEST ACTOR (COMEDY / MUSICAL)
The nominees are...
Ralph Fiennes - Grand Budapest Hotel
Michael Keaton - Birdman
Bill Murray - St. Vincent
Jaoquin Phoenix - Inherent Vice
Christoph Waltz - Big Eyes
Our winner is...
As much as we love Bill Murray for being Bill Murray and Ralph Fiennes for being the best hotel concierge ever, we've got to give it to Michael Keaton and his five-star performance in Birdman.
BEST ANIMATED FEATURE
The nominees are...
Big Hero 6
The Book Of Life
How To Train Your Dragon 2
The Lego Movie
The Boxtrolls
Our winner is...
Lego Movie. That cameo by Billy Dee Williams and the Millennium Falcon won for it us. That and this scene.
BEST DIRECTOR
The nominees are...
Wes Anderson - Grand Budapest Hotel
Ava DuVernay - Selma
David Fincher - Gone Girl
Allejandro Gonzalez Innaritu - Birdman
Richard Linklater - Boyhood
Our winner is...
Richard Linklater, definitely. There could be an upset and it could go to Ava DuVernay or Allejandro Gonzalez Innaritu. Fincher and Anderson don't have a chance, unfortunately.
BEST MOTION PICTURE
The nominees are...
Boyhood
Foxcatcher
The Imitation Game
Selma
The Theory Of Everything
Our winner is...
Boyhood, again, is the clear favourite to win. However, Golden Globes have been known to go the opposite way of the Oscars and award it to the least likely. If that does happen? Theory of Everything. Selma, Imitation Game and Foxcatcher would be contenders if Boyhood wasn't in the race. Theory of Everything is the outside shot.