"There's 300 more people here this year than there was last year. So we're getting bigger and bigger and raising more money and the money gets to people who really need it," said Elton. "We incorporated live music many years ago and we always try to have younger acts coming on. It's been a real great ride we had Florence last year and now we have Foster the People."
Foster the People and Lance Bass both expressed their excitement over the evening's plans.
"It's gonna be a great dinner, were gonna watch the Academy Awards together, then were gonna party," said Foster the People.
"It's such a great time, you get to see all of your colleagues that you never get to see, except this night of the year," said Bass. "It's a lot of celebrities getting wasted for a good cause."
Other celebrities spotted at the event included Miley Cyrus, Heidi Klum, Kim and Kourtney Kardashian, Katy Perry and Neil Patrick Harris.
Gallery | Elton John's Oscar Party (PHOTOS)