The Academy Awards Will Leave Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards will commence streaming exclusively on YouTube in the year 2029, signaling the newest substantial change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, confirming that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Starting in 2029, the ceremony will be viewable in real-time without charge on YouTube.
It's another significant restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, along with steep production cuts.
"Our Academy represents an worldwide body, and this alliance will enable us to increase availability to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our membership and the movie industry," remarked Academy leadership in a announcement.
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 smartphones and desktops.
In a separate statement, YouTube's CEO described the Oscars "among our fundamental cultural institutions" and said that partnering with the Academy would "motivate a new generation of innovation and movie fans while adhering to the Oscars' storied heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
This shift comes as major studios face challenging merger discussions. These potential deals were seen as problematic for an industry that has seen significant downsizing over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the viewers has increasingly opted for digital platforms as an alternative.
YouTube winning broadcasting rights to the Academy Awards clearly signals that reliance on digital platforms will continue expanding.
