The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Starting in the Year 2029.
The Academy Awards are set to start broadcasting solely on YouTube in 2029, representing the newest significant change in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, stating that it finalized a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, set for 15 March, has aired for five decades on ABC. Beginning in 2029, the ceremony will be accessible as a free live stream on the digital platform.
It's another significant restructuring in Hollywood, which is grappling with studio sales and mergers, in addition to steep slashes to movie budgets.
"The Academy is an international organization, and this collaboration will allow us to expand access to the mission of the Academy to the biggest global viewership imaginable - which will be advantageous for our Academy members and the cinematic world," said Academy leadership in a announcement.
Over decades, viewership of the ceremony have declined, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers streaming from smartphones and computers.
In a related comment, the head of YouTube described the Oscars "one of our essential cultural institutions" and noted that working with the Academy would "spark a fresh wave of creativity and movie fans while remaining faithful to the Oscars' storied legacy".
The broadcast network, which has aired the awards since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move coincides with large entertainment companies deal with challenging merger discussions. Both options were considered problematic for an industry that has witnessed drastic cuts over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the public has shifted towards on-demand video as an alternative.
The platform securing rights to the Academy Awards strongly indicates that reliance on streaming sites will persist to grow.
