The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in 2029.
The Academy Awards will begin broadcasting solely on the global video platform in 2029, signaling the most recent significant change in the film industry.
The organization behind the Oscars revealed the news on this week, confirming that it finalized a long-term agreement granting the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, set for March 15th, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be accessible live and for free on the digital platform.
This is one more major upheaval in the entertainment world, which is grappling with corporate acquisitions and consolidations, along with severe production cuts.
"Our Academy represents an global institution, and this alliance will permit us to expand access to the work of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the film community," stated organization heads in a statement.
For many years, ratings of the ceremony have fallen, even if there was a minor increase in recent years, with a significant number of younger viewers tuning in from mobile devices and computers.
In a related comment, the video platform's chief executive described the Oscars "among our fundamental cultural touchstones" and said that partnering with the Academy would "inspire a new generation of artistic expression and film lovers while adhering to the Oscars' celebrated legacy".
The broadcast network, which has streamed the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will still host.
The move follows film industry giants confront complex corporate battles. Both options were seen as problematic for an business that has experienced severe reductions over the recent period.
In common with major studios, traditional TV channels have struggled as the viewers has shifted towards on-demand video as an alternative.
The platform securing rights to the Oscars clearly signals that reliance on digital platforms will persist to grow.
