The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence streaming exclusively on the global video platform in the year 2029, representing the newest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it entered into a extended contract granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for March 15th, has been broadcast for 50 years on the traditional network. Beginning in 2029, the show will be accessible as a free live stream on YouTube.
It's a further substantial shakeup in the entertainment world, which is navigating studio sales and mergers, along with drastic slashes to movie budgets.
"The Academy is an global institution, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the film community," stated the Academy's executives in a announcement.
Over decades, ratings of the televised event have declined, even if there was a minor increase in recent years, with a considerable amount of younger viewers tuning in from cell phones and desktops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our essential cultural touchstones" and added that working with the Academy would "motivate a younger cohort of innovation and film lovers while adhering to the Oscars' celebrated heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision comes as film industry giants face intricate takeover attempts. Such proposals were considered concerning for an industry that has witnessed significant downsizing over the recent period.
Like major studios, cable networks have faced issues as the public has increasingly opted for streaming services instead.
YouTube obtaining the license to the Academy Awards strongly indicates that reliance on online services will continue increasing.
