The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in the year 2029, signaling the latest significant transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a multi-year deal giving YouTube the unique international license to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on ABC. Starting in 2029, the event will be viewable as a free live stream on the digital platform.
It's another significant upheaval in Hollywood, which is navigating corporate acquisitions and consolidations, along with drastic production cuts.
"Our Academy represents an global institution, and this collaboration will permit us to expand access to the work of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the movie industry," stated Academy leadership in a release.
Over decades, audience numbers of the awards show have declined, even if there was a slight uptick in recent years, with a significant number of youthful audiences watching from smartphones and desktops.
In a corresponding announcement, YouTube's CEO called the Oscars "one of our essential pillars of culture" and added that working with the Academy would "inspire a new generation of creativity and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
ABC, which has televised the awards since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
This decision coincides with large entertainment companies confront intricate takeover attempts. Both options were considered problematic for an industry that has witnessed severe reductions over the past several years.
In common with major studios, cable networks have faced issues as the public has chosen streaming services as an alternative.
The platform securing rights to the Academy Awards strongly indicates that reliance on streaming sites will carry on increasing.
