The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Oscars ceremony are set to start airing only on the global video platform in the year 2029, representing the newest major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it finalized a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for 15 March, has aired for 50 years on the traditional network. Beginning in 2029, the event will be viewable as a free live stream on the digital platform.
This is another major upheaval in Hollywood, which is grappling with company buyouts and fusions, along with severe production cuts.
"The Academy is an worldwide body, and this collaboration will permit us to broaden reach to the mission of the Academy to the biggest global viewership imaginable - which will be advantageous for our Academy members and the movie industry," said Academy leadership in a announcement.
Over decades, ratings of the ceremony have fallen, although there was a minor increase in recent years, with a significant number of youthful audiences streaming from mobile devices and computers.
In a corresponding announcement, the head of YouTube referred to the Oscars "among our fundamental cultural institutions" and added that working with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the awards since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This decision coincides with major studios deal with challenging merger discussions. Both options were seen as unfavourable for an business that has seen drastic cuts over the recent period.
Like major studios, cable networks have encountered challenges as the audience has increasingly opted for on-demand video instead.
YouTube winning rights to the Academy Awards clearly signals that reliance on digital platforms will persist expanding.
