The Oscars to Depart Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, marking the latest significant shift in the film industry.
The organization behind the Oscars declared the decision on this week, confirming that it finalized a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has been televised for a half a century on ABC. Starting in 2029, the show will be accessible in real-time without charge on YouTube.
This is another major upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with severe slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will enable us to increase availability to the work of the Academy to the biggest global viewership attainable - which will be advantageous for our Academy members and the movie industry," remarked the Academy's executives in a release.
For many years, viewership of the ceremony have dropped, although there was a small rise in recent years, with a significant number of youthful audiences streaming from mobile devices and computers.
In a corresponding announcement, YouTube's CEO referred to the Oscars "among our vital cultural institutions" and added that partnering with the Academy would "inspire a fresh wave of creativity and film lovers while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has streamed the ceremony since 1976, stated that it was eagerly anticipating "to hosting the event three more times" it will still host.
This shift comes as major studios face complex corporate battles. Such proposals were seen as concerning for an sector that has experienced drastic cuts over the last few years.
Like major studios, traditional TV channels have faced issues as the public has chosen on-demand video as an alternative.
YouTube obtaining rights to the Academy Awards clearly signals that reliance on online services will carry on expanding.
