The Oscars Are Exiting ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the latest substantial transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it entered into a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the show will be viewable in real-time without charge on the digital platform.
This is a further significant shakeup in Hollywood, which is dealing with studio sales and mergers, in addition to severe production cuts.
"The Academy is an worldwide body, and this alliance will permit us to increase availability to the work of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the movie industry," said organization heads in a announcement.
Over decades, ratings of the televised event have dropped, though there was a small rise in recent years, with a considerable amount of youthful audiences watching from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our vital pillars of culture" and added that teaming up with the Academy would "motivate a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
ABC, which has televised the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move coincides with film industry giants face challenging merger discussions. Both options were seen as problematic for an sector that has seen significant downsizing over the recent period.
Similar to major studios, cable networks have struggled as the viewers has chosen streaming services instead.
The platform securing the license to the Oscars clearly signals that dependence on online services will carry on increasing.
