The Academy Awards Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, marking the most recent major shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, stating that it finalized a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for March 15th, has aired for a half a century on the traditional network. Commencing in 2029, the show will be accessible in real-time without charge on YouTube.
It's a further significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to drastic production cuts.
"Our Academy represents an worldwide body, and this collaboration will allow us to expand access to the activities of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the film community," stated Academy leadership in a statement.
For many years, audience numbers of the televised event have fallen, though there was a minor increase in recent years, with a considerable amount of youthful audiences watching from mobile devices and desktops.
In a related comment, YouTube's CEO referred to the Oscars "a key essential cultural institutions" and said that partnering with the Academy would "motivate a fresh wave of innovation and film lovers while remaining faithful to the Oscars' illustrious history".
ABC, which has streamed the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
The move comes as large entertainment companies deal with challenging merger discussions. These potential deals were viewed as unfavourable for an sector that has witnessed drastic cuts over the last few years.
Like big production houses, cable networks have faced issues as the viewers has shifted towards digital platforms instead.
YouTube winning the license to the Academy Awards further suggests that reliance on digital platforms will persist increasing.
