The Oscars Will Leave Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, marking the latest major transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it signed a extended contract granting YouTube the unique international license to the Oscars up to 2033.
The awards show, scheduled for 15 March, has aired for five decades on the traditional network. Beginning in 2029, the event will be accessible in real-time without charge on YouTube.
It's one more substantial shakeup in Hollywood, which is navigating studio sales and mergers, coupled with severe reductions in filming.
"The Academy is an global institution, and this partnership will enable us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our Academy members and the film community," stated the Academy's executives in a release.
Throughout a long period, viewership of the ceremony have dropped, though there was a minor increase in recent years, with a considerable amount of younger viewers watching from smartphones and laptops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our vital pillars of culture" and added that partnering with the Academy would "motivate a fresh wave of creativity and film lovers while adhering to the Oscars' celebrated legacy".
The broadcast network, which has televised the ceremony since 1976, said that it was looking forward "to the next three telecasts" it will retain rights for.
The move comes as large entertainment companies face challenging merger discussions. Such proposals were seen as unfavourable for an industry that has seen drastic cuts over the past several years.
In common with big production houses, cable networks have struggled as the public has shifted towards on-demand video as an alternative.
The platform securing rights to the Oscars clearly signals that reliance on digital platforms will carry on to grow.
