The Academy Awards Will Leave Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in 2029, signaling the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it entered into a long-term agreement granting YouTube the unique international license to the Oscars through 2033.
The Oscars, which is planned for March 15th, has aired for five decades on the traditional network. Commencing in 2029, the ceremony will be viewable as a free live stream on the digital platform.
This is a further substantial shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"Our Academy represents an international organization, and this partnership will allow us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the movie industry," stated Academy leadership in a announcement.
Over decades, audience numbers of the awards show have declined, although there was a minor increase in recent years, with a significant number of youthful audiences watching from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "inspire a younger cohort of artistic expression and film lovers while staying true to the Oscars' storied history".
ABC, which has streamed the awards since the mid-1970s, stated that it was excited "to hosting the event three more times" it will continue to air.
This decision comes as major studios confront challenging merger discussions. Such proposals were considered problematic for an business that has seen significant downsizing over the past several years.
Similar to big production houses, cable networks have faced issues as the public has chosen digital platforms instead.
YouTube obtaining rights to the Academy Awards clearly signals that dependence on streaming sites will carry on to grow.
