The Academy Awards Are Exiting ABC and Stream on the Video Platform Beginning in 2029.
The Academy Awards will begin airing only on the global video platform in 2029, marking the newest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it entered into a multi-year deal giving the streaming service the unique international license to the Oscars until 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be accessible as a free live stream on the digital platform.
This is one more major shakeup in Hollywood, which is grappling with company buyouts and fusions, in addition to drastic reductions in filming.
"Our Academy represents an worldwide body, and this collaboration will permit us to increase availability to the mission of the Academy to the biggest global viewership imaginable - which will be beneficial for our Academy members and the cinematic world," said the Academy's executives in a announcement.
Over decades, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a significant number of youthful audiences watching from cell phones and computers.
In a separate statement, the video platform's chief executive called the Oscars "among our fundamental cultural institutions" and added that teaming up with the Academy would "motivate a fresh wave of innovation and movie fans while adhering to the Oscars' celebrated history".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
This decision follows major studios deal with challenging merger discussions. Both options were considered unfavourable for an sector that has experienced drastic cuts over the last few years.
In common with major studios, cable networks have faced issues as the viewers has chosen streaming services as an alternative.
The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on online services will continue increasing.
