The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in 2029, signaling the latest substantial transformation in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it signed a extended contract granting the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on ABC. Starting in 2029, the event will be viewable in real-time without charge on YouTube.
It's another major restructuring in Hollywood, which is dealing with studio sales and mergers, along with drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will enable us to increase availability to the work of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the movie industry," remarked organization heads in a release.
Over decades, ratings of the ceremony have dropped, although there was a small rise in recent years, with a notable portion of youthful audiences tuning in from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our vital cultural touchstones" and said that teaming up with the Academy would "spark a younger cohort of innovation and movie fans while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has televised the awards since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move coincides with major studios deal with challenging merger discussions. Such proposals were considered problematic for an business that has witnessed significant downsizing over the recent period.
Similar to big production houses, traditional TV channels have struggled as the public has chosen digital platforms instead.
The platform securing the license to the Academy Awards clearly signals that the dominance of online services will persist increasing.
