The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start airing only on YouTube in the year 2029, marking the latest substantial change in Hollywood.
The organization behind the Oscars declared the decision on this week, indicating that it signed a long-term agreement giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, which is planned for 15 March, has been broadcast for 50 years on ABC. Beginning in 2029, the ceremony will be accessible as a free live stream on the digital platform.
It's one more substantial restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic reductions in filming.
"Our Academy represents an worldwide body, and this partnership will permit us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the cinematic world," stated the Academy's executives in a release.
For many years, ratings of the televised event have fallen, although there was a minor increase in recent years, with a notable portion of youthful audiences watching from mobile devices and computers.
In a related comment, YouTube's CEO called the Oscars "one of our fundamental cultural touchstones" and said that teaming up with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' storied legacy".
ABC, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
The move follows major studios deal with intricate takeover attempts. These potential deals were seen as concerning for an sector that has seen significant downsizing over the recent period.
Similar to big production houses, traditional TV channels have struggled as the viewers has shifted towards streaming services as an alternative.
The platform securing the license to the Academy Awards clearly signals that dependence on streaming sites will continue to grow.
