The Oscars Will Leave ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the most recent substantial shift in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it signed a multi-year deal granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, set for 15 March, has been televised for a half a century on the traditional network. Starting in 2029, the event will be viewable as a free live stream on the digital platform.
It's a further major shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, along with drastic production cuts.
"Our Academy represents an worldwide body, and this alliance will allow us to expand access to the work of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the movie industry," said Academy leadership in a statement.
For many years, ratings of the televised event have fallen, even if there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from mobile devices and laptops.
In a related comment, the video platform's chief executive described the Oscars "a key fundamental cultural institutions" and added that teaming up with the Academy would "motivate a new generation of innovation and film lovers while remaining faithful to the Oscars' storied history".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move follows large entertainment companies face challenging merger discussions. Both options were seen as problematic for an business that has witnessed severe reductions over the last few years.
In common with big production houses, traditional TV channels have faced issues as the public has chosen on-demand video instead.
The platform securing broadcasting rights to the Oscars further suggests that dependence on online services will continue increasing.
