The Oscars Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on YouTube in the year 2029, signaling the latest significant change in Hollywood.
The organization behind the Oscars declared the decision on this week, confirming that it finalized a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has aired for a half a century on the traditional network. Beginning in 2029, the ceremony will be available as a free live stream on the digital platform.
This is one more substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will permit us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be beneficial for our film artists and the film community," remarked organization heads in a announcement.
Over decades, audience numbers of the awards show have dropped, though there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers watching from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our vital cultural touchstones" and added that teaming up with the Academy would "inspire a new generation of artistic expression and movie fans while adhering to the Oscars' storied history".
The broadcast network, which has aired the awards since 1976, said that it was looking forward "to the next three telecasts" it will retain rights for.
This decision follows major studios confront challenging merger discussions. Both options were viewed as unfavourable for an industry that has experienced severe reductions over the past several years.
In common with major studios, traditional TV channels have struggled as the audience has increasingly opted for streaming services as an alternative.
YouTube winning the license to the Oscars strongly indicates that dependence on streaming sites will continue to grow.
