The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Starting in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in 2029, marking the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a long-term agreement granting the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the ceremony will be accessible live and for free on the digital platform.
It's another major shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"The Academy is an global institution, and this alliance will allow us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the movie industry," stated the Academy's executives in a statement.
Throughout a long period, audience numbers of the awards show have declined, though there was a small rise in recent years, with a notable portion of youthful audiences tuning in from mobile devices and computers.
In a separate statement, YouTube's CEO called the Oscars "among our fundamental cultural institutions" and added that teaming up with the Academy would "inspire a fresh wave of artistic expression and movie fans while remaining faithful to the Oscars' illustrious heritage".
ABC, which has streamed the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move comes as major studios face complex corporate battles. Both options were considered problematic for an business that has experienced severe reductions over the recent period.
In common with major studios, cable networks have encountered challenges as the audience has chosen streaming services instead.
YouTube winning rights to the Oscars clearly signals that the dominance of streaming sites will continue increasing.
