The Academy Awards Will Leave Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the newest significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it signed a multi-year deal awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has aired for five decades on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on YouTube.
This is another major restructuring in Hollywood, which is dealing with company buyouts and fusions, coupled with severe reductions in filming.
"The Academy is an worldwide body, 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 movie industry," remarked Academy leadership in a statement.
For many years, ratings of the ceremony have fallen, even if there was a small rise in recent years, with a notable portion of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a corresponding announcement, YouTube's CEO referred to the Oscars "one of our essential pillars of culture" and added that working with the Academy would "spark a younger cohort of artistic expression and film lovers while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will still host.
This decision coincides with large entertainment companies confront complex corporate battles. These potential deals were seen as concerning for an sector that has witnessed severe reductions over the past several years.
Similar to major studios, traditional TV channels have encountered challenges as the public has increasingly opted for streaming services instead.
The platform securing broadcasting rights to the Oscars further suggests that reliance on streaming sites will persist expanding.