The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Oscars ceremony will commence streaming exclusively on the global video platform in the year 2029, representing the latest significant shift in Hollywood.
The organization behind the Oscars made the announcement on this week, stating that it entered into a extended contract granting the streaming service the unique international license to the Oscars up to 2033.
The awards show, set for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be available as a free live stream on the digital platform.
It's a further substantial shakeup in the entertainment world, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.
"Our Academy represents an international organization, and this partnership will allow us to broaden reach to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our membership and the movie industry," stated Academy leadership in a statement.
Throughout a long period, viewership of the ceremony have dropped, though there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and laptops.
In a related comment, the head of YouTube called the Oscars "one of our fundamental cultural touchstones" and noted that teaming up with the Academy would "spark a fresh wave of creativity and film lovers while remaining faithful to the Oscars' celebrated history".
ABC, which has streamed the ceremony since 1976, stated that it was excited "to hosting the event three more times" it will retain rights for.
This decision coincides with film industry giants face intricate takeover attempts. These potential deals were viewed as problematic for an industry that has seen severe reductions over the recent period.
Similar to big production houses, cable networks have struggled as the audience has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Academy Awards clearly signals that reliance on online services will persist to grow.
