The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence airing only on YouTube in 2029, signaling the most recent significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the ceremony will be available live and for free on YouTube.
It's one more major upheaval in the entertainment world, which is dealing with studio sales and mergers, along with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the cinematic world," stated Academy leadership in a announcement.
Throughout a long period, viewership of the ceremony have fallen, though there was a slight uptick in recent years, with a significant number of youthful audiences streaming from cell phones and computers.
In a corresponding announcement, the head of YouTube described the Oscars "one of our fundamental cultural institutions" and said that working with the Academy would "spark a new generation of innovation and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has aired the ceremony since 1976, stated that it was looking forward "to the next three telecasts" it will still host.
This decision follows major studios deal with intricate takeover attempts. These potential deals were considered concerning for an industry that has seen significant downsizing over the last few years.
Like big production houses, cable networks have struggled as the viewers has shifted towards digital platforms instead.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that the dominance of online services will continue to grow.
