The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, marking the newest substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it finalized a extended contract granting the streaming service the unique international license to the Oscars up to 2033.
The awards show, set for 15 March, has been broadcast for 50 years on ABC. Starting in 2029, the show will be available live and for free on the digital platform.
This is one more major restructuring in the entertainment world, which is dealing with company buyouts and fusions, along with steep slashes to movie budgets.
"The Academy is an worldwide body, and this alliance will permit us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the movie industry," stated Academy leadership in a statement.
Over decades, viewership of the ceremony have fallen, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a separate statement, the video platform's chief executive called the Oscars "a key fundamental cultural touchstones" and added that teaming up with the Academy would "spark a fresh wave of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious history".
ABC, which has televised the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
The move follows film industry giants deal with complex corporate battles. These potential deals were seen as problematic for an business that has witnessed drastic cuts over the recent period.
Like big production houses, cable networks have faced issues as the viewers has chosen digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that reliance on online services will continue to grow.
