The Academy Awards Will Leave Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin streaming exclusively on the global video platform in the year 2029, representing the most recent major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a multi-year deal granting YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Beginning in 2029, the show will be available in real-time without charge on YouTube.
It's another substantial shakeup in Hollywood, which is grappling with company buyouts and fusions, along with steep production cuts.
"Our Academy represents an worldwide body, and this alliance will permit us to broaden reach to the activities of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the cinematic world," remarked Academy leadership in a release.
Throughout a long period, ratings of the awards show have fallen, though there was a small rise in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "among our essential cultural touchstones" and said that working with the Academy would "inspire a fresh wave of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
ABC, which has streamed the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
The move coincides with major studios deal with complex corporate battles. Both options were considered problematic for an industry that has seen drastic cuts over the last few years.
In common with major studios, traditional TV channels have struggled as the audience has increasingly opted for digital platforms as an alternative.
YouTube obtaining rights to the Academy Awards strongly indicates that reliance on streaming sites will persist expanding.
