The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in the year 2029, representing the latest substantial transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it signed a extended contract granting YouTube the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has aired for five decades on the traditional network. Starting in 2029, the ceremony will be available in real-time without charge on the digital platform.
It's one more significant upheaval in the entertainment world, which is navigating company buyouts and fusions, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this alliance will enable us to expand access to the mission of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the film community," said Academy leadership in a statement.
Over decades, viewership of the awards show have dropped, although there was a small rise in recent years, with a considerable amount of younger viewers tuning in from cell phones and desktops.
In a related comment, the video platform's chief executive called the Oscars "a key essential cultural institutions" and noted that partnering with the Academy would "spark a younger cohort of creativity and movie fans while adhering to the Oscars' illustrious history".
The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift comes as large entertainment companies confront complex corporate battles. Such proposals were considered concerning for an industry that has witnessed significant downsizing over the past several years.
Like big production houses, cable networks have faced issues as the public has shifted towards streaming services instead.
The platform securing the license to the Oscars strongly indicates that dependence on streaming sites will carry on increasing.
