The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Starting in 2029.
The Academy Awards will commence streaming exclusively on YouTube in the year 2029, representing the latest substantial shift in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a long-term agreement giving YouTube the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has aired for a half a century on ABC. Commencing in 2029, the event will be available in real-time without charge on the digital platform.
This is another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"Our Academy represents an international organization, and this collaboration will enable us to increase availability to the work of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the film community," said the Academy's executives in a announcement.
Throughout a long period, audience numbers of the awards show have dropped, although there was a slight uptick in recent years, with a notable portion of younger viewers watching from smartphones and laptops.
In a separate statement, the head of YouTube referred to the Oscars "among our fundamental pillars of culture" and added that partnering with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has aired the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
This decision follows film industry giants face intricate takeover attempts. These potential deals were seen as unfavourable for an business that has seen drastic cuts over the past several years.
In common with big production houses, traditional TV channels have encountered challenges as the public has increasingly opted for digital platforms instead.
The platform securing broadcasting rights to the Oscars clearly signals that the dominance of streaming sites will continue expanding.
