The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in the year 2029, signaling the newest significant transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be accessible as a free live stream on the digital platform.
This is a further substantial shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with severe production cuts.
"Our Academy represents an global institution, and this collaboration will allow us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be advantageous for our film artists and the film community," stated the Academy's executives in a release.
Throughout a long period, audience numbers of the ceremony have fallen, though there was a small rise in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a related comment, the head of YouTube described the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
ABC, which has streamed the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
This decision comes as film industry giants face challenging merger discussions. These potential deals were considered concerning for an business that has seen drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have faced issues as the audience has chosen digital platforms as an alternative.
The platform securing the license to the Oscars strongly indicates that dependence on digital platforms will persist increasing.
