Reports say the Academy Awards may soon be looking for a new TV home over differences of opinion with the Walt Disney Company over its discrepancy with the Walt Disney Company.
The Academy of Motion Picture Arts and Science held an informational discussion with streaming giant Netflix about airing Oscar after reaching a deadlock with ABC pro-Disney about what Oscar is due to pay to extend his current rights deal. According to Bloomberg News.
The academy is pushing for significant pay increases, while its current contracts valued at over $100 million a year are reluctant to increase, according to the report.
This impasse has prompted the academy to test the market for alternative partners, indicating a potentially historical change in Oscar broadcasts.
The awards show has been airing continuously on ABC since the 1970s.
Formal negotiations with other platforms have yet to begin, but the academy has come up with a touching touch with potential suitors, including Netflix, which boasts more than 300 million paid subscribers worldwide.
Other major players such as Amazon, Comcast's NBCuniversal and Paramount Global could also appear in the mix, each offering unique advantages and challenges, according to Bloomberg News.
Streaming platforms have recently adopted live award shows, making them a viable alternative to traditional broadcasters.
Already airing the Screen Actors Guild Awards, Netflix boasts a massive global audience and strong financial support.
Netflix co-CEO TED Sarandos is an officer at the Academy's Los Angeles Museum, adding familiarity to any potential deal.
But reluctance to prioritizing theater releases has been a long-standing point of contention in the film industry, which could impact the likelihood of landing the Oscars, according to Bloomberg News.
Amazon, which purchased the rights to broadcast the Academy of Country Music Awards, is another potential bidder.
Unlike Netflix, Amazon demonstrates a stronger commitment to theatrical releases, making it a more acceptable partner for Hollywood purists.
However, the role of a tech giant that disrupts traditional media business models can complicate negotiations.
Comcast's NBCuniversal identifies yet another possibility. NBC is able to provide a prominent television presence to the academy, and its streaming service, Peacock, offers digital expansion.
However, Peacock's limited reach compared to Netflix and Amazon could put it at a disadvantage.
Meanwhile, Paramount, which recently refused to ponny more money to maintain the rights to the Grammy Awards, appears unlikely to place a significant bid on Oscar unless its next CEO, David Ellison, decides to decide on a bold strategic move.
Paramount subsidiary CBS was a longtime Grammy Awards home. But Disney has earned the right to broadcast the show – We will secure a 10-year contract that begins in 2027.
Last year, the most viewed awards in the US still attracted nearly 20 million viewers, but viewers fell by more than 60% since their peak in the 1990s.
Several factors contribute to this trend, including changing consumer habits, the rise of social media, and moving away from celebrating major box office revenues in favor of smaller, highly rated films.
Despite the decline in audiences, the academy is seeing an opportunity to expand its global reach. This time, we are offering international rights as part of that transaction, hoping to secure partners that will help us grow our audience beyond the US market.
Netflix and Amazon have a global user base and are well positioned to support such expansions.
However, it remains to be seen whether they are willing to meet the academy's financial expectations.
This post is being asked for comment from Disney, Netflix, Amazon, NBCuniversal, Paramount and Academy.
