The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, representing the newest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, indicating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has aired for 50 years on ABC. Commencing in 2029, the event will be viewable as a free live stream on YouTube.
It's another major upheaval in the entertainment world, which is navigating company buyouts and fusions, along with severe production cuts.
"The Academy is an worldwide body, and this collaboration will permit us to expand access to the mission of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the movie industry," stated organization heads in a statement.
Over decades, audience numbers of the televised event have declined, even if there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and computers.
In a corresponding announcement, the head of YouTube called the Oscars "a key vital cultural touchstones" and added that teaming up with the Academy would "inspire a younger cohort of innovation and movie fans while remaining faithful to the Oscars' celebrated history".
ABC, which has televised the ceremony since the mid-1970s, said that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This shift follows film industry giants face intricate takeover attempts. These potential deals were viewed as unfavourable for an industry that has witnessed significant downsizing over the recent period.
Like major studios, traditional TV channels have encountered challenges as the public has shifted towards on-demand video instead.
YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of digital platforms will persist to grow.
