The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in the year 2029, representing the latest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a extended contract awarding YouTube the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the event will be accessible live and for free on the digital platform.
It's another substantial upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with severe production cuts.
"The Academy is an worldwide body, and this collaboration will allow us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the movie industry," stated Academy leadership in a release.
For many years, ratings of the televised event have declined, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from smartphones and computers.
In a separate statement, the head of YouTube called the Oscars "among our vital cultural institutions" and added that working with the Academy would "inspire a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' illustrious legacy".
ABC, which has televised the awards since 1976, commented that it was excited "to hosting the event three more times" it will retain rights for.
The move follows film industry giants face intricate takeover attempts. Both options were considered problematic for an sector that has experienced drastic cuts over the past several years.
Similar to big production houses, cable networks have struggled as the public has increasingly opted for digital platforms instead.
The platform securing rights to the Academy Awards strongly indicates that dependence on digital platforms will carry on increasing.
