The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, marking the newest substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the show will be available in real-time without charge on the digital platform.
This is another major restructuring in the entertainment world, which is navigating company buyouts and fusions, in addition to steep reductions in filming.
"The Academy is an global institution, and this alliance will permit us to expand access to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our membership and the film community," said the Academy's executives in a announcement.
Throughout a long period, audience numbers of the awards show have fallen, though there was a small rise in recent years, with a notable portion of younger viewers watching from cell phones and laptops.
In a related comment, the video platform's chief executive called the Oscars "one of our essential cultural touchstones" and noted that partnering with the Academy would "inspire a fresh wave of creativity and film lovers while remaining faithful to the Oscars' celebrated legacy".
ABC, which has televised the awards since the mid-1970s, stated that it was looking forward "to the next three telecasts" it will continue to air.
This shift coincides with film industry giants confront complex corporate battles. These potential deals were viewed as concerning for an business that has seen severe reductions over the last few years.
In common with big production houses, traditional TV channels have faced issues as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining rights to the Academy Awards further suggests that reliance on streaming sites will carry on to grow.
