And the winner is La La... no, it's Moonlight: Oscars Chaos as wrong film is announced as Best Picture

The producers of the musical were concluding their speeches when it was announced that Moonlight was in fact the winner of the top prize of the night.

Bonnie and Clyde stars Warren Beatty and Faye Dunaway announced La La Land had taken the best picture prize until the film's producer Fred Berger said: "This is not a joke. Moonlight is best picture," and showed the camera the card that revealed the winner.

Beatty returned to the microphone to say: "I want to tell you what happened I opened the envelope and it said Emma Stone, La La Land and that is why I took such a long look at Faye and at you.

"I wasn't trying to be funny. This is Moonlight for best picture."

The film's director Barry Jenkins said: "Very clearly even in my dreams this cant be true. But to hell with it because this is true. It's true, its not fake."

Paying tribute to the team behind La La Land, he said: "We have been on the road with these guys and it was so gracious and so generous of them."

Producer Dede Gardner added: "I'm still not sure this is real. It's very humbling to be up here and I hope it's inspiring to little black boys and brown girls who feel marginalised. I hope they take some inspiration from seeing his beautiful group of artists."

Chaos and confusion took over the stage as the casts of both films handed Oscars back and forth.

Two La La Land producers had already given their acceptance speeches before the mistake was revealed.

Host Jimmy Kimmel joked that he knew he would he would mess up compering the ceremony.

He added: "Personally I blame Steve Harvey for this," referring to Harvey's mistake in announcing the Miss Universe winner in 2015.

Emma Stone contradicted Warren Beatty's explanation about why he read out the wrong best picture winner at the Oscars, insisting she was holding the best actress envelope "the entire time".

The US star said the makers of La La Land were in a "state of confusion" after the film was wrongly read out as best picture winner instead of actual recipient Moonlight.

Speaking backstage, Stone said: "I f****** love Moonlight. God I love Moonlight so much. I'm so excited for Moonlight.

"Of course it was an amazing thing to hear La La Land. I think we would have all loved to have won best picture.

"But we're so excited for Moonlight. I think it's one of the best films of all time.

"I also was holding my best actress in a leading role card that entire time. I don't mean to start stuff but whatever story that was - I had that card. So I'm not sure what happened.

"Is that the craziest Oscar moment of all time? Cool. We made history tonight. Craziest moment."

Bonnie and Clyde stars Beatty and Faye Dunaway announced La La Land had taken the best picture prize until the film's producer Fred Berger said: "This is not a joke. Moonlight is best picture," and showed the camera the card that revealed the winner.

Beatty returned to the microphone to say: "I want to tell you what happened I opened the envelope and it said Emma Stone, La La Land and that is why I took such a long look at Faye and at you.

"I wasn't trying to be funny. This is Moonlight for best picture."