The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, representing the most recent substantial shift in the film industry.
The organization behind the Oscars made the announcement on this week, stating that it entered into a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on the digital platform.
It's one more significant shakeup in Hollywood, which is dealing with studio sales and mergers, along with drastic reductions in filming.
"The Academy is an global institution, and this partnership will permit us to broaden reach to the mission of the Academy to the most extensive international crowd attainable - which will be advantageous for our membership and the film community," remarked the Academy's executives in a statement.
Over decades, ratings of the ceremony have fallen, although there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and computers.
In a related comment, YouTube's CEO called the Oscars "among our vital cultural touchstones" and added that partnering with the Academy would "spark a fresh wave of artistic expression and movie fans while staying true to the Oscars' illustrious heritage".
The broadcast network, which has televised the ceremony since 1976, commented that it was looking forward "to the upcoming broadcasts" it will still host.
The move coincides with film industry giants face complex corporate battles. Both options were viewed as problematic for an sector that has experienced significant downsizing over the last few years.
Similar to major studios, traditional TV channels have encountered challenges as the viewers has increasingly opted for streaming services instead.
YouTube obtaining rights to the Academy Awards further suggests that the dominance of digital platforms will continue expanding.
