The Oscars ceremony are set to start airing only on the global video platform in 2029, signaling the newest major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, 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, which is planned for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be accessible live and for free on the digital platform.
This is one more major restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep reductions in filming.
"The Academy is an global institution, and this collaboration will enable us to broaden reach to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our Academy members and the movie industry," said the Academy's executives in a announcement.
Throughout a long period, ratings of the televised event have fallen, though there was a slight uptick in recent years, with a notable portion of youthful audiences tuning in from smartphones and computers.
In a separate statement, the head of YouTube called the Oscars "among our vital cultural touchstones" and added that partnering with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' celebrated history".
ABC, which has aired the awards since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will continue to air.
The move follows large entertainment companies deal with intricate takeover attempts. Such proposals were viewed as unfavourable for an industry that has experienced severe reductions over the recent period.
Similar to major studios, traditional TV channels have faced issues as the viewers has shifted towards digital platforms instead.
The platform securing the license to the Oscars strongly indicates that the dominance of online services will persist to grow.
