The Oscars Are Exiting ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, signaling the newest significant change in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it signed a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has aired for a half a century on the traditional network. Commencing in 2029, the ceremony will be accessible in real-time without charge on the digital platform.
It's one more significant restructuring in the entertainment world, which is navigating corporate acquisitions and consolidations, along with 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 biggest global viewership attainable - which will be advantageous for our Academy members and the film community," stated organization heads in a release.
Over decades, audience numbers of the awards show have fallen, even if there was a slight uptick in recent years, with a significant number of younger viewers watching from smartphones and desktops.
In a related comment, the head of YouTube called the Oscars "one of our essential cultural touchstones" and added that working with the Academy would "inspire a new generation of innovation and film lovers while adhering to the Oscars' celebrated legacy".
ABC, which has streamed the ceremony since 1976, commented that it was excited "to the next three telecasts" it will still host.
The move comes as large entertainment companies deal with complex corporate battles. These potential deals were viewed as problematic for an sector that has seen severe reductions over the past several years.
Similar to big production houses, cable networks have encountered challenges as the viewers has chosen streaming services instead.
YouTube obtaining the license to the Oscars further suggests that reliance on streaming sites will persist increasing.
