The Academy Awards Are Exiting ABC and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will begin airing only on the global video platform in 2029, signaling the most recent significant change in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, stating that it entered into a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the event will be accessible as a free live stream on the digital platform.
It's another major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, along with steep reductions in filming.
"Our Academy represents an global institution, and this alliance will enable us to broaden reach to the mission of the Academy to the biggest global viewership possible - which will be advantageous for our Academy members and the film community," stated organization heads in a announcement.
Over decades, ratings of the televised event have dropped, even if there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from mobile devices and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our essential pillars of culture" and noted that partnering with the Academy would "spark a fresh wave of artistic expression and film lovers while remaining faithful to the Oscars' storied history".
The broadcast network, which has aired the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move follows major studios deal with challenging merger discussions. Such proposals were considered problematic for an business that has seen severe reductions over the past several years.
Similar to major studios, traditional TV channels have faced issues as the public has chosen on-demand video instead.
The platform securing rights to the Academy Awards clearly signals that dependence on online services will carry on to grow.
