The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, marking the most recent substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has been broadcast for five decades on ABC. Commencing in 2029, the show will be available as a free live stream on the digital platform.
This is one more substantial upheaval in the entertainment world, which is dealing with studio sales and mergers, along with steep slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our membership and the film community," stated Academy leadership in a statement.
For many years, viewership of the awards show have dropped, although there was a minor increase in recent years, with a notable portion of youthful audiences streaming from smartphones and desktops.
In a separate statement, the head of YouTube described the Oscars "one of our essential cultural touchstones" and said that partnering with the Academy would "inspire a fresh wave of artistic expression and film lovers while staying true to the Oscars' illustrious legacy".
The broadcast network, which has aired the awards since 1976, said that it was excited "to hosting the event three more times" it will still host.
This decision comes as film industry giants confront complex corporate battles. These potential deals were seen as concerning for an industry that has seen drastic cuts over the past several years.
Like major studios, cable networks have encountered challenges as the audience has shifted towards streaming services instead.
The platform securing broadcasting rights to the Academy Awards strongly indicates that reliance on digital platforms will continue increasing.
