The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, signaling the latest major change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it entered into a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has been broadcast for five decades on the traditional network. Starting in 2029, the ceremony will be accessible live and for free on YouTube.
It's one more substantial shakeup in the entertainment world, which is navigating company buyouts and fusions, in addition to drastic production cuts.
"The Academy is an global institution, and this alliance will enable us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the film community," remarked the Academy's executives in a statement.
For many years, ratings of the ceremony have dropped, even if there was a minor increase in recent years, with a considerable amount of youthful audiences watching from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our essential cultural institutions" and noted that partnering with the Academy would "inspire a new generation of innovation and film lovers while adhering to the Oscars' celebrated history".
The broadcast network, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This shift comes as major studios confront challenging merger discussions. These potential deals were considered unfavourable for an industry that has witnessed drastic cuts over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has chosen on-demand video instead.
YouTube winning rights to the Academy Awards strongly indicates that dependence on digital platforms will continue increasing.
