The Oscars Will Leave Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the latest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it finalized a multi-year deal granting YouTube the exclusive global 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 ceremony will be viewable in real-time without charge on the digital platform.
This is another substantial shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep production cuts.
"Our Academy represents an global institution, and this collaboration will enable us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the cinematic world," remarked Academy leadership in a release.
For many years, audience numbers of the televised event have dropped, even if there was a small rise in recent years, with a considerable amount of younger viewers watching from mobile devices and computers.
In a related comment, YouTube's CEO called the Oscars "among our fundamental pillars of culture" and said that teaming up with the Academy would "spark a fresh wave of innovation and movie fans while adhering to the Oscars' storied heritage".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This decision coincides with large entertainment companies deal with challenging merger discussions. Such proposals were considered concerning for an sector that has experienced significant downsizing over the recent period.
In common with major studios, traditional TV channels have encountered challenges as the public has increasingly opted for on-demand video instead.
The platform securing rights to the Oscars strongly indicates that reliance on digital platforms will continue expanding.
