The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in 2029, signaling the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it finalized a extended contract awarding the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has aired for a half a century on the traditional network. Beginning in 2029, the ceremony will be viewable live and for free on the digital platform.
It's another major shakeup in Hollywood, which is navigating corporate acquisitions and consolidations, coupled with severe reductions in filming.
"Our Academy represents an worldwide body, and this partnership will enable us to increase availability to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the cinematic world," said organization heads in a release.
Throughout a long period, audience numbers of the awards show have fallen, even if there was a slight uptick in recent years, with a considerable amount of younger viewers watching from cell phones and computers.
In a related comment, YouTube's CEO called the Oscars "a key essential cultural institutions" and noted that working with the Academy would "motivate a new generation of innovation and movie fans while adhering to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since 1976, said that it was excited "to hosting the event three more times" it will continue to air.
This decision coincides with film industry giants face intricate takeover attempts. Such proposals were considered unfavourable for an sector that has witnessed drastic cuts over the past several years.
In common with big production houses, cable networks have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube winning rights to the Oscars further suggests that the dominance of online services will continue to grow.
