The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on the global video platform in 2029, marking the newest major transformation in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a extended contract granting the streaming service the unique international license to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been televised for a half a century on the traditional network. Beginning in 2029, the show will be viewable live and for free on the digital platform.
It's a further substantial restructuring in the entertainment world, which is dealing with studio sales and mergers, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this alliance will allow us to broaden reach to the work of the Academy to the biggest global viewership attainable - which will be beneficial for our membership and the film community," said the Academy's executives in a announcement.
For many years, audience numbers of the televised event have fallen, although there was a small rise in recent years, with a considerable amount of youthful audiences streaming from cell phones and desktops.
In a separate statement, YouTube's CEO described the Oscars "a key fundamental cultural touchstones" and noted that working with the Academy would "motivate a fresh wave of creativity and film lovers while remaining faithful to the Oscars' celebrated history".
ABC, which has televised the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift coincides with major studios deal with challenging merger discussions. Both options were seen as unfavourable for an sector that has experienced significant downsizing over the past several years.
In common with major studios, traditional TV channels have faced issues as the public has chosen streaming services instead.
YouTube winning broadcasting rights to the Academy Awards strongly indicates that dependence on streaming sites will persist to grow.
