The Oscars to Depart Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the newest substantial transformation in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it signed a long-term agreement awarding 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 ABC. Starting in 2029, the event will be available in real-time without charge on the digital platform.
It's another substantial upheaval in Hollywood, which is grappling with studio sales and mergers, coupled with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will permit us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," remarked organization heads in a release.
For many years, audience numbers of the awards show have fallen, though there was a minor increase in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a related comment, YouTube's CEO referred to the Oscars "among our fundamental pillars of culture" and added that teaming up with the Academy would "motivate a new generation of artistic expression and movie fans while remaining faithful to the Oscars' storied heritage".
ABC, which has aired the ceremony since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will still host.
This decision coincides with film industry giants face complex corporate battles. Such proposals were considered concerning for an sector that has experienced significant downsizing over the past several years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.
The platform securing the license to the Oscars further suggests that dependence on online services will carry on to grow.
