The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will begin airing only on the global video platform in 2029, signaling the newest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The Oscars, which is planned for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the event will be accessible in real-time without charge on the digital platform.
It's another major restructuring in Hollywood, which is navigating company buyouts and fusions, along with steep reductions in filming.
"The Academy is an global institution, and this collaboration will permit us to increase availability to the work of the Academy to the largest worldwide audience possible - which will be beneficial for our Academy members and the cinematic world," remarked organization heads in a release.
Throughout a long period, audience numbers of the ceremony have declined, even if there was a slight uptick in recent years, with a significant number of younger viewers streaming from mobile devices and laptops.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our fundamental cultural touchstones" and said that teaming up with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will still host.
The move coincides with film industry giants face intricate takeover attempts. Both options were viewed as concerning for an sector that has experienced significant downsizing over the past several years.
Similar to big production houses, cable networks have encountered challenges as the viewers has increasingly opted for digital platforms instead.
YouTube winning broadcasting rights to the Oscars strongly indicates that reliance on streaming sites will persist expanding.
