The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the latest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it entered into a long-term agreement giving YouTube the unique international license to the Oscars up to 2033.
The Oscars, set for March 15th, has aired for 50 years on the traditional network. Starting in 2029, the ceremony will be available live and for free on the digital platform.
This is a further significant restructuring in the entertainment world, which is dealing with company buyouts and fusions, along with severe reductions in filming.
"Our Academy represents an international organization, and this collaboration will enable us to expand access to the activities of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the cinematic world," remarked organization heads in a statement.
Throughout a long period, ratings of the televised event have declined, even if there was a slight uptick in recent years, with a significant number of younger viewers streaming from mobile devices and desktops.
In a separate statement, the head of YouTube referred to the Oscars "among our vital cultural touchstones" and said that partnering with the Academy would "spark a younger cohort of creativity and movie fans while staying true to the Oscars' storied legacy".
ABC, which has streamed the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will retain rights for.
This shift comes as large entertainment companies face intricate takeover attempts. Such proposals were considered concerning for an sector that has experienced severe reductions over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the public has shifted towards on-demand video as an alternative.
YouTube obtaining rights to the Oscars further suggests that dependence on digital platforms will carry on to grow.
