The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, representing the latest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on YouTube.
This is a further significant restructuring in the entertainment world, which is grappling with company buyouts and fusions, along with severe production cuts.
"Our Academy represents an international organization, and this partnership will enable us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the cinematic world," said organization heads in a release.
Throughout a long period, viewership of the ceremony have fallen, even if there was a minor increase in recent years, with a notable portion of youthful audiences watching from smartphones and desktops.
In a separate statement, the head of YouTube described the Oscars "among our essential cultural institutions" and added that partnering with the Academy would "inspire a younger cohort of creativity and movie fans while staying true to the Oscars' illustrious history".
The broadcast network, which has aired the awards since the mid-1970s, commented that it was excited "to the upcoming broadcasts" it will still host.
This shift coincides with film industry giants face complex corporate battles. These potential deals were viewed as unfavourable for an sector that has seen significant downsizing over the last few years.
Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for streaming services instead.
The platform securing rights to the Oscars strongly indicates that the dominance of online services will carry on increasing.
