The Oscars Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the newest substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a multi-year deal giving the streaming service the unique international license to the Oscars through 2033.
The awards show, which is planned for 15 March, has aired for five decades on the traditional network. Commencing in 2029, the show will be accessible as a free live stream on the digital platform.
It's one more substantial upheaval in Hollywood, which is dealing with company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an international organization, and this collaboration will permit us to expand access to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the cinematic world," stated the Academy's executives in a release.
Over decades, ratings of the awards show have dropped, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and computers.
In a corresponding announcement, YouTube's CEO described the Oscars "among our essential cultural touchstones" and said that working with the Academy would "inspire a younger cohort of artistic expression and movie fans while remaining faithful to the Oscars' celebrated heritage".
ABC, which has aired the awards since 1976, stated that it was looking forward "to the next three telecasts" it will continue to air.
The move coincides with major studios face challenging merger discussions. Both options were seen as concerning for an industry that has experienced significant downsizing over the recent period.
In common with big production houses, cable networks have struggled as the viewers has shifted towards digital platforms instead.
YouTube obtaining rights to the Oscars further suggests that reliance on digital platforms will carry on increasing.
