The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Starting in 2029.
The Oscars ceremony will commence airing only on YouTube in 2029, representing the latest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on the traditional network. Commencing in 2029, the event will be accessible in real-time without charge on the digital platform.
This is a further significant upheaval in the entertainment world, which is grappling with studio sales and mergers, along with drastic slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will permit us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our membership and the film community," stated Academy leadership in a announcement.
Over decades, ratings of the ceremony have dropped, although there was a minor increase in recent years, with a notable portion of younger viewers streaming from mobile devices and desktops.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our fundamental cultural touchstones" and noted that teaming up with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while staying true to the Oscars' storied legacy".
ABC, which has aired the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will still host.
This shift comes as film industry giants deal with challenging merger discussions. Both options were viewed as concerning for an sector that has seen significant downsizing over the recent period.
Like big production houses, traditional TV channels have struggled as the public has shifted towards on-demand video instead.
YouTube obtaining the license to the Oscars strongly indicates that the dominance of streaming sites will carry on increasing.
