The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in 2029, signaling the newest significant shift in the film industry.
The organization behind the Oscars declared the decision on Wednesday, stating that it entered into a extended contract giving the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been televised for a half a century on ABC. Commencing in 2029, the show will be available live and for free on the digital platform.
It's another substantial restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will permit us to increase availability to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the cinematic world," remarked Academy leadership in a statement.
For many years, viewership of the televised event have fallen, even if there was a small rise in recent years, with a significant number of youthful audiences tuning in from smartphones and laptops.
In a separate statement, the head of YouTube described the Oscars "among our vital pillars of culture" and noted that partnering with the Academy would "spark a younger cohort of creativity and movie fans while staying true to the Oscars' storied history".
ABC, which has televised the awards since 1976, said that it was looking forward "to the next three telecasts" it will continue to air.
This shift comes as large entertainment companies confront complex corporate battles. Both options were viewed as problematic for an industry that has experienced drastic cuts over the last few years.
Like big production houses, cable networks have faced issues as the audience has chosen streaming services instead.
YouTube winning the license to the Oscars further suggests that dependence on streaming sites will carry on to grow.
