The Academy Awards to Depart ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in 2029, marking the newest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it finalized a multi-year deal giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for five decades on ABC. Beginning in 2029, the event will be accessible as a free live stream on the digital platform.
This is a further significant upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"The Academy is an worldwide body, and this partnership will enable us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the cinematic world," said Academy leadership in a release.
For many years, ratings of the ceremony have fallen, although there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from smartphones and computers.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential cultural institutions" and said that partnering with the Academy would "motivate a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' storied history".
ABC, which has televised the ceremony since 1976, stated that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This decision coincides with film industry giants face challenging merger discussions. Both options were seen as unfavourable for an sector that has witnessed drastic cuts over the past several years.
Like big production houses, traditional TV channels have struggled as the viewers has shifted towards digital platforms instead.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will continue expanding.
