The Academy Awards Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will commence airing only on the global video platform in the year 2029, marking the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it entered into a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has aired for a half a century on ABC. Starting in 2029, the show will be available in real-time without charge on the digital platform.
It's another significant shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, along with severe slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be beneficial for our membership and the cinematic world," remarked organization heads in a announcement.
Over decades, ratings of the ceremony have fallen, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from mobile devices and desktops.
In a separate statement, the video platform's chief executive described the Oscars "one of our fundamental cultural institutions" and said that partnering with the Academy would "motivate a new generation of creativity and film lovers while remaining faithful to the Oscars' storied history".
ABC, which has aired the ceremony since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will retain rights for.
This shift follows major studios face challenging merger discussions. Such proposals were considered unfavourable for an business that has experienced drastic cuts over the last few years.
Similar to big production houses, cable networks have encountered challenges as the audience has shifted towards on-demand video instead.
YouTube winning the license to the Oscars strongly indicates that dependence on digital platforms will carry on increasing.
