The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin airing only on the global video platform in the year 2029, signaling the latest significant change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, indicating that it entered into a extended contract awarding YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has been televised for 50 years on ABC. Commencing in 2029, the ceremony will be available live and for free on YouTube.
This is another major shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will permit us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our film artists and the movie industry," stated the Academy's executives in a release.
Throughout a long period, audience numbers of the awards show have dropped, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and computers.
In a separate statement, YouTube's CEO described the Oscars "among our vital cultural touchstones" and added that partnering with the Academy would "motivate a fresh wave of innovation and film lovers while staying true to the Oscars' storied legacy".
The broadcast network, which has aired the awards since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will still host.
This shift coincides with major studios confront intricate takeover attempts. Both options were seen as concerning for an sector that has witnessed severe reductions over the last few years.
Like big production houses, traditional TV channels have faced issues as the public has increasingly opted for digital platforms as an alternative.
YouTube winning broadcasting rights to the Academy Awards further suggests that reliance on digital platforms will continue to grow.
