The Academy Awards to Depart Broadcast TV and Stream on YouTube Beginning in 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, marking the newest significant change in the film industry.
The organization behind the Oscars made the announcement on this week, confirming that it signed a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, which is planned for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the show will be accessible in real-time without charge on YouTube.
It's one more major shakeup in Hollywood, which is dealing with studio sales and mergers, along with severe reductions in filming.
"The Academy is an worldwide body, and this alliance will permit us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the film community," stated the Academy's executives in a announcement.
For many years, audience numbers of the awards show have declined, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and computers.
In a separate statement, YouTube's CEO described the Oscars "among our essential cultural institutions" and noted that teaming up with the Academy would "inspire a new generation of innovation and movie fans while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was looking forward "to the next three telecasts" it will continue to air.
This shift follows large entertainment companies confront challenging merger discussions. These potential deals were seen as unfavourable for an sector that has witnessed drastic cuts over the past several years.
Like major studios, cable networks have encountered challenges as the viewers has shifted towards digital platforms instead.
The platform securing the license to the Oscars further suggests that reliance on online services will continue increasing.
