The Oscars Are Exiting ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards will begin airing only on the global video platform in 2029, representing the latest major change in the film industry.
The organization behind the Oscars declared the decision on this week, stating that it finalized a multi-year deal granting the streaming service the unique international license to the Oscars until 2033.
The awards show, which is planned for March 15th, has been broadcast for five decades on the traditional network. Beginning in 2029, the event will be available as a free live stream on the digital platform.
It's another substantial restructuring in the entertainment world, which is dealing with company buyouts and fusions, in addition to drastic production cuts.
"The Academy is an global institution, and this alliance will permit us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our film artists and the movie industry," remarked Academy leadership in a release.
Throughout a long period, audience numbers of the awards show have dropped, even if there was a slight uptick in recent years, with a considerable amount of younger viewers watching from mobile devices and desktops.
In a related comment, the video platform's chief executive described the Oscars "among our vital cultural institutions" and noted that working with the Academy would "motivate a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since 1976, said that it was excited "to the upcoming broadcasts" it will retain rights for.
This decision follows major studios face complex corporate battles. Both options were seen as concerning for an industry that has experienced significant downsizing over the past several years.
Similar to major studios, traditional TV channels have struggled as the public has chosen streaming services instead.
YouTube obtaining rights to the Academy Awards further suggests that dependence on online services will carry on expanding.
