The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.
The Oscars ceremony are set to start airing only on the global video platform in the year 2029, signaling the newest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it entered into a long-term agreement awarding the streaming service the unique international license to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on ABC. Beginning in 2029, the event will be viewable live and for free on the digital platform.
It's another major restructuring in Hollywood, which is navigating company buyouts and fusions, along with severe slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will permit us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be positive for our film artists and the film community," stated Academy leadership in a announcement.
For many years, viewership of the ceremony have declined, even if there was a slight uptick in recent years, with a notable portion of younger viewers tuning in from smartphones and laptops.
In a related comment, YouTube's CEO referred to the Oscars "a key vital pillars of culture" and noted that working with the Academy would "spark a fresh wave of artistic expression and movie fans while adhering to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
The move follows large entertainment companies confront challenging merger discussions. Such proposals were viewed as unfavourable for an industry that has witnessed significant downsizing over the recent period.
Similar to major studios, traditional TV channels have faced issues as the viewers has shifted towards streaming services instead.
YouTube winning rights to the Academy Awards clearly signals that the dominance of digital platforms will carry on increasing.
