The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, signaling the latest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it finalized a long-term agreement awarding YouTube the unique international license to the Oscars up to 2033.
The Oscars, scheduled for 15 March, has been televised for five decades on ABC. Beginning in 2029, the event will be available live and for free on the digital platform.
It's a further major shakeup in Hollywood, which is navigating studio sales and mergers, coupled with steep reductions in filming.
"Our Academy represents an worldwide body, and this collaboration will enable us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the movie industry," stated the Academy's executives in a statement.
Throughout a long period, viewership of the ceremony have dropped, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and laptops.
In a separate statement, the head of YouTube described the Oscars "among our essential cultural touchstones" and noted that working with the Academy would "spark a new generation of innovation and film lovers while adhering to the Oscars' storied legacy".
ABC, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the next three telecasts" it will still host.
This shift follows large entertainment companies confront complex corporate battles. Such proposals were considered unfavourable for an sector that has seen significant downsizing over the past several years.
In common with big production houses, cable networks have faced issues as the audience has shifted towards streaming services as an alternative.
The platform securing rights to the Oscars further suggests that dependence on online services will continue expanding.
