The Oscars Will Leave ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, signaling the most recent substantial change in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it signed a long-term agreement giving the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has aired for five decades on ABC. Starting in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
This is a further substantial restructuring in the entertainment world, which is grappling with studio sales and mergers, along with drastic production cuts.
"The Academy is an worldwide body, and this partnership will allow us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our membership and the movie industry," remarked the Academy's executives in a release.
Over decades, viewership of the televised event have dropped, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and laptops.
In a separate statement, YouTube's CEO called the Oscars "a key essential pillars of culture" and noted that partnering with the Academy would "spark a younger cohort of creativity and movie fans while remaining faithful to the Oscars' illustrious heritage".
ABC, which has streamed the awards since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will still host.
This decision comes as major studios confront challenging merger discussions. These potential deals were seen as concerning for an sector that has seen severe reductions over the last few years.
In common with major studios, traditional TV channels have encountered challenges as the public has shifted towards digital platforms instead.
The platform securing rights to the Academy Awards strongly indicates that the dominance of online services will carry on increasing.
