The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, signaling the most recent substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it signed a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, set for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the event will be available live and for free on YouTube.
It's a further major upheaval in the entertainment world, which is dealing with company buyouts and fusions, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this partnership will permit us to expand access to the mission of the Academy to the largest worldwide audience possible - which will be positive for our membership and the cinematic world," remarked the Academy's executives in a announcement.
For many years, ratings of the televised event have dropped, although there was a minor increase in recent years, with a notable portion of younger viewers tuning in from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO referred to the Oscars "one of our essential pillars of culture" and noted that teaming up with the Academy would "inspire a new generation of creativity and movie fans while staying true to the Oscars' illustrious heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will retain rights for.
This shift follows large entertainment companies deal with complex corporate battles. These potential deals were considered unfavourable for an industry that has seen severe reductions over the past several years.
Like big production houses, traditional TV channels have struggled as the viewers has shifted towards digital platforms instead.
YouTube obtaining the license to the Oscars further suggests that dependence on digital platforms will persist to grow.
