The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, representing the most recent significant shift in the film industry.
The organization behind the Oscars declared the decision on this week, indicating that it signed a multi-year deal granting the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the show will be viewable in real-time without charge on the digital platform.
It's one more significant restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the film community," stated the Academy's executives in a announcement.
Over decades, ratings of the awards show have dropped, even if there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from mobile devices and computers.
In a corresponding announcement, the head of YouTube described the Oscars "a key vital pillars of culture" and noted that partnering with the Academy would "spark a younger cohort of artistic expression and film lovers while staying true to the Oscars' illustrious history".
ABC, which has streamed the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move comes as film industry giants face complex corporate battles. These potential deals were considered problematic for an industry that has experienced drastic cuts over the last few years.
Similar to major studios, cable networks have encountered challenges as the audience has chosen on-demand video instead.
The platform securing rights to the Academy Awards further suggests that reliance on streaming sites will persist increasing.
