The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, representing the latest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a multi-year deal awarding YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has aired for 50 years on the traditional network. Beginning in 2029, the event will be viewable live and for free on the digital platform.
This is a further major restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the cinematic world," remarked organization heads in a release.
Over decades, viewership of the televised event have dropped, although there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from cell phones and computers.
In a related comment, the video platform's chief executive described the Oscars "one of our vital cultural touchstones" and added that working with the Academy would "inspire a younger cohort of creativity and movie fans while adhering to the Oscars' celebrated heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will continue to air.
The move follows film industry giants deal with intricate takeover attempts. Both options were seen as unfavourable for an sector that has seen drastic cuts over the past several years.
Similar to big production houses, cable networks have encountered challenges as the viewers has chosen streaming services instead.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on digital platforms will carry on expanding.
