The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence airing only on the global video platform in the year 2029, representing the newest substantial change in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a extended contract awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for March 15th, has been televised for 50 years on the traditional network. Commencing in 2029, the ceremony will be accessible live and for free on the digital platform.
It's another major restructuring in Hollywood, which is grappling with company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will allow us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the movie industry," remarked the Academy's executives in a release.
For many years, viewership of the awards show have dropped, although there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from mobile devices and laptops.
In a separate statement, YouTube's CEO called the Oscars "a key essential pillars of culture" and added that working with the Academy would "spark a new generation of creativity and film lovers while adhering to the Oscars' celebrated history".
ABC, which has aired the ceremony since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.
This shift follows film industry giants face challenging merger discussions. These potential deals were considered unfavourable for an sector that has experienced severe reductions over the recent period.
Similar to major studios, traditional TV channels have faced issues as the viewers has increasingly opted for on-demand video instead.
YouTube obtaining rights to the Academy Awards strongly indicates that dependence on streaming sites will carry on increasing.
