The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, signaling the latest substantial change in the film industry.
The organization behind the Oscars revealed the news on this week, stating that it finalized a extended contract granting YouTube the unique international license to the Oscars until 2033.
The Oscars, set for March 15th, has been broadcast for a half a century on ABC. Commencing in 2029, the show will be viewable in real-time without charge on the digital platform.
This is one more major upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will enable us to expand access to the activities of the Academy to the most extensive international crowd attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a release.
Throughout a long period, viewership of the ceremony have fallen, although there was a slight uptick in recent years, with a significant number of younger viewers streaming from cell phones and computers.
In a related comment, YouTube's CEO referred to the Oscars "a key vital cultural touchstones" and noted that teaming up with the Academy would "spark a fresh wave of innovation and film lovers while staying true to the Oscars' illustrious history".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will continue to air.
This decision coincides with film industry giants face intricate takeover attempts. Both options were seen as unfavourable for an business that has experienced drastic cuts over the last few years.
Similar to big production houses, cable networks have struggled as the audience has shifted towards on-demand video instead.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that dependence on streaming sites will persist expanding.
