The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in 2029, marking the latest major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it signed a long-term agreement awarding YouTube the unique international license to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be viewable in real-time without charge on YouTube.
It's another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with severe reductions in filming.
"The Academy is an worldwide body, and this collaboration will permit us to increase availability to the mission of the Academy to the largest worldwide audience attainable - which will be beneficial for our Academy members and the cinematic world," remarked the Academy's executives in a statement.
For many years, audience numbers of the televised event have fallen, though there was a slight uptick in recent years, with a notable portion of younger viewers watching from mobile devices and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our fundamental cultural touchstones" and added that working with the Academy would "spark a younger cohort of innovation and film lovers while remaining faithful to the Oscars' storied history".
The broadcast network, which has streamed the awards since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will continue to air.
This shift coincides with film industry giants deal with challenging merger discussions. Both options were considered problematic for an industry that has witnessed significant downsizing over the recent period.
Similar to major studios, traditional TV channels have struggled as the public has shifted towards digital platforms as an alternative.
The platform securing broadcasting rights to the Oscars clearly signals that dependence on digital platforms will persist to grow.
