The Oscars to Depart ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will begin airing only on the global video platform in the year 2029, representing the newest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a long-term agreement awarding the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been televised for a half a century on ABC. Starting in 2029, the event will be viewable as a free live stream on the digital platform.
This is a further significant upheaval in the entertainment world, which is grappling with company buyouts and fusions, along with steep production cuts.
"The Academy is an worldwide body, and this collaboration will allow us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be advantageous for our film artists and the cinematic world," said the Academy's executives in a statement.
Throughout a long period, audience numbers of the televised event have dropped, even if there was a small rise in recent years, with a notable portion of younger viewers streaming from smartphones and computers.
In a related comment, the video platform's chief executive called the Oscars "one of our fundamental cultural institutions" and said that teaming up with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while staying true to the Oscars' celebrated heritage".
The broadcast network, which has streamed the ceremony since 1976, commented that it was looking forward "to the next three telecasts" it will continue to air.
This decision follows major studios face complex corporate battles. Such proposals were seen as problematic for an industry that has seen severe reductions over the past several years.
Similar to big production houses, traditional TV channels have faced issues as the audience has shifted towards digital platforms as an alternative.
YouTube winning the license to the Oscars clearly signals that reliance on digital platforms will carry on increasing.
