The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the newest major transformation in the film industry.
The organization behind the Oscars declared the decision on Wednesday, stating that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the event will be viewable live and for free on YouTube.
It's one more major shakeup in Hollywood, which is navigating studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an worldwide body, and this collaboration will permit us to broaden reach to the activities of the Academy to the most extensive international crowd possible - which will be advantageous for our Academy members and the cinematic world," said Academy leadership in a statement.
Throughout a long period, viewership of the televised event have declined, although there was a minor increase in recent years, with a significant number of youthful audiences streaming from mobile devices and laptops.
In a separate statement, the head of YouTube referred to the Oscars "among our essential pillars of culture" and added that teaming up with the Academy would "inspire a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious history".
ABC, which has televised the ceremony since 1976, commented that it was excited "to the next three telecasts" it will continue to air.
This decision coincides with major studios deal with complex corporate battles. Such proposals were viewed as problematic for an sector that has witnessed severe reductions over the last few years.
Similar to big production houses, cable networks have encountered challenges as the public has shifted towards streaming services as an alternative.
The platform securing the license to the Oscars further suggests that dependence on digital platforms will persist increasing.
