The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in the year 2029, representing the most recent major change in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it finalized a long-term agreement awarding YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, set for March 15th, has been televised for a half a century on the traditional network. Commencing in 2029, the event will be viewable live and for free on the digital platform.
It's another significant upheaval in Hollywood, which is dealing with corporate acquisitions and consolidations, along with severe production cuts.
"The Academy is an global institution, and this alliance will permit us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be beneficial for our Academy members and the film community," remarked Academy leadership in a announcement.
Over decades, ratings of the televised event have fallen, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers watching from smartphones and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our essential pillars of culture" and added that teaming up with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while adhering to the Oscars' storied legacy".
ABC, which has streamed the awards since 1976, said that it was excited "to the upcoming broadcasts" it will retain rights for.
The move follows major studios deal with intricate takeover attempts. Such proposals were considered concerning for an industry that has witnessed drastic cuts over the recent period.
Like major studios, cable networks have faced issues as the public has increasingly opted for on-demand video as an alternative.
The platform securing rights to the Oscars strongly indicates that the dominance of streaming sites will carry on expanding.
