The Academy Awards Will Leave ABC and Stream on the Video Platform Starting in 2029.
The Oscars ceremony will begin airing only on the global video platform in the year 2029, representing the newest substantial shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it signed a long-term agreement granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be available live and for free on the digital platform.
It's another substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"The Academy is an international organization, and this alliance will enable us to expand access to the mission of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the movie industry," said the Academy's executives in a statement.
Over decades, viewership of the awards show have declined, though there was a small rise in recent years, with a significant number of younger viewers tuning in from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our essential pillars of culture" and said that working with the Academy would "inspire a younger cohort of innovation and movie fans while adhering to the Oscars' celebrated heritage".
ABC, which has televised the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will retain rights for.
This decision follows large entertainment companies confront complex corporate battles. These potential deals were considered problematic for an business that has seen significant downsizing over the past several years.
In common with big production houses, cable networks have faced issues as the public has chosen streaming services instead.
The platform securing rights to the Academy Awards clearly signals that dependence on digital platforms will continue expanding.