The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in 2029, signaling the most recent major shift in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it entered into a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the event will be available in real-time without charge on the digital platform.
It's one more significant restructuring in the entertainment world, which is dealing with studio sales and mergers, coupled with severe production cuts.
"The Academy is an global institution, and this alliance will permit us to expand access to the mission of the Academy to the largest worldwide audience imaginable - which will be advantageous for our membership and the cinematic world," stated the Academy's executives in a statement.
Throughout a long period, audience numbers of the awards show have fallen, though there was a minor increase in recent years, with a notable portion of younger viewers streaming from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our vital cultural institutions" and said that working with the Academy would "spark a new generation of innovation and film lovers while adhering to the Oscars' storied history".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was excited "to the next three telecasts" it will retain rights for.
This shift comes as film industry giants face challenging merger discussions. These potential deals were considered problematic for an sector that has witnessed drastic cuts over the past several years.
In common with major studios, traditional TV channels have encountered challenges as the audience has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Oscars strongly indicates that reliance on online services will carry on increasing.