The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, signaling the newest substantial change in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it signed a extended contract giving YouTube the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the event will be available live and for free on YouTube.
It's one more significant upheaval in Hollywood, which is dealing with corporate acquisitions and consolidations, along with drastic production cuts.
"Our Academy represents an international organization, and this alliance will permit us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the movie industry," stated organization heads in a release.
For many years, viewership of the televised event have declined, though there was a minor increase in recent years, with a considerable amount of younger viewers streaming from mobile devices and laptops.
In a related comment, the video platform's chief executive described the Oscars "one of our fundamental cultural touchstones" and added that partnering with the Academy would "inspire a new generation of artistic expression and film lovers while adhering to the Oscars' illustrious legacy".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will continue to air.
This shift coincides with film industry giants face complex corporate battles. These potential deals were considered concerning for an sector that has seen drastic cuts over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the viewers has chosen streaming services instead.
YouTube obtaining the license to the Academy Awards clearly signals that reliance on online services will persist to grow.
