The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, signaling the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it signed a extended contract granting YouTube the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Starting in 2029, the ceremony will be accessible live and for free on YouTube.
It's one more significant restructuring in Hollywood, which is dealing with studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the film community," remarked organization heads in a announcement.
For many years, audience numbers of the ceremony have dropped, although there was a minor increase in recent years, with a notable portion of younger viewers streaming from mobile devices and computers.
In a separate statement, the video platform's chief executive called the Oscars "among our vital pillars of culture" and noted that teaming up with the Academy would "inspire a new generation of artistic expression and movie fans while remaining faithful to the Oscars' celebrated history".
The broadcast network, which has aired the awards since 1976, commented that it was looking forward "to hosting the event three more times" it will continue to air.
This shift comes as major studios deal with intricate takeover attempts. Both options were seen as concerning for an business that has seen significant downsizing over the past several years.
Similar to major studios, cable networks have struggled as the public has shifted towards on-demand video as an alternative.
YouTube obtaining rights to the Oscars strongly indicates that reliance on streaming sites will persist increasing.
