The Academy Awards Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, representing the newest substantial transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a extended contract awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's another significant restructuring in the entertainment world, which is navigating studio sales and mergers, along with severe reductions in filming.
"The Academy is an global institution, and this collaboration will enable us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our film artists and the film community," remarked organization heads in a statement.
For many years, ratings of the awards show have declined, though there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and computers.
In a related comment, YouTube's CEO referred to the Oscars "one of our fundamental pillars of culture" and said that partnering with the Academy would "inspire a new generation of creativity and movie fans while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was excited "to the next three telecasts" it will continue to air.
This decision comes as major studios deal with intricate takeover attempts. Such proposals were considered problematic for an business that has experienced severe reductions over the past several years.
Similar to big production houses, cable networks have struggled as the viewers has shifted towards digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that dependence on digital platforms will continue to grow.
