The Oscars to Depart Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in 2029, representing the most recent significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it entered into a long-term agreement giving YouTube the unique international license to the Oscars through 2033.
The awards show, scheduled for March 15th, has aired for 50 years on the traditional network. Beginning in 2029, the ceremony will be available live and for free on the digital platform.
It's another major upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to steep reductions in filming.
"The Academy is an international organization, and this partnership will permit us to broaden reach to the activities of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the movie industry," stated the Academy's executives in a release.
For many years, audience numbers of the ceremony have declined, although there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and computers.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our essential cultural institutions" and noted that partnering with the Academy would "inspire a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since 1976, commented that it was excited "to the upcoming broadcasts" it will retain rights for.
This shift coincides with film industry giants deal with complex corporate battles. Such proposals were seen as unfavourable for an sector that has witnessed significant downsizing over the last few years.
In common with major studios, traditional TV channels have encountered challenges as the audience has chosen streaming services instead.
The platform securing rights to the Oscars clearly signals that dependence on online services will carry on expanding.
