The Academy of Motion Picture Arts and Sciences recently added a new rule that makes it harder for streaming services like Apple TV+ and Netflix to compete.
Currently, one of the requirements is that the film must have a week-long theatrical release in one of six major cities. For the upcoming 97th Academy Awards for Motion Pictures in 2024, there will still be a qualifying race and the addition of a week-long extended race in ten of the top 50 US markets within 45 days of the initial release.
Distributors will need to submit their launch plans for verification by the organization. The extended race must also be completed before January 24 of the following year. The new rule changes do not have a significant impact on mainstream movie studios. However, streaming platforms like Apple TV+ and Netflix may find an additional charge to do extended theatrical presentations.