The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the latest significant shift in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it entered into a extended contract awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be accessible live and for free on YouTube.
It's a further substantial restructuring in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this alliance will permit us to expand access to the mission of the Academy to the most extensive international crowd attainable - which will be beneficial for our membership and the movie industry," remarked organization heads in a release.
Throughout a long period, viewership of the awards show have fallen, though there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from mobile devices and laptops.
In a related comment, the video platform's chief executive described the Oscars "a key essential cultural institutions" and noted that working with the Academy would "inspire a new generation of innovation and movie fans while remaining faithful to the Oscars' celebrated heritage".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will still host.
This shift comes as major studios face intricate takeover attempts. Both options were seen as concerning for an business that has experienced drastic cuts over the recent period.
Similar to big production houses, traditional TV channels have faced issues as the viewers has chosen on-demand video instead.
The platform securing the license to the Academy Awards further suggests that reliance on online services will persist expanding.
