The Hollywood Foreign Press Association said it is a "step forward to transform ourselves and adapt to this increasingly competitive economic landscape for both award shows and the journalism marketplace."
The academy also apologised for its handling of Smith's “unacceptable and harmful” action, saying they were "unprepared for the unprecedented.”
Actor Smith released a statement saying he will “fully accept any and all consequences for my conduct."
Mega star Will Smith could face expulsion from the Academy after attacking comedian Chris Rock.
Hollywood star and Academy Award winner for best actor Will Smith apologises to Chris Rock for hitting the comedian during the live broadcast of the glitzy Oscar ceremony.
Will Smith wins Oscar for best actor for portraying Venus and Serena Williams' father Richard in the tennis biopic "King Richard," taking home the trophy minutes after he went viral for slapping presenter Chris Rock onstage.
Sunday's show will acknowledge the attack on Ukraine, which has killed thousands and driven a quarter of the country's 44 million people from their homes.
BAFTA chair Majumdar has said that the academy stands in solidarity with the people of Ukraine, as the awards ceremony is held in person for the first time since the start of the pandemic.
Four decades after Lina Wertmuller became the first woman nominated for an Oscar in directing, female filmmakers continue to push through the celluloid ceiling, accounting for one in five of all directors in 2020.
The organisation that puts on the Oscars said film industry professionals, 46 percent of whom are women and 39 percent from an underrepresented group, have been invited to join the 2021 class.
No-show Anthony Hopkins pulled a surprise upset to win best actor in the final award of the night, besting sentimental favorite Chadwick Boseman, who died of cancer last year.
Forced to rethink the ceremony because of the pandemic, and with a slate of diverse but mostly smaller films, organisers are promising a show unlike anything seen in the 93-year history of the Academy Awards.
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