The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in the year 2029, marking the newest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a long-term agreement granting YouTube the unique international license to the Oscars through 2033.
The Oscars, scheduled for March 15th, has aired for a half a century on the traditional network. Starting in 2029, the ceremony will be available as a free live stream on YouTube.
It's another substantial shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with drastic production cuts.
"The Academy is an worldwide body, and this alliance will enable us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our film artists and the movie industry," remarked organization heads in a announcement.
Throughout a long period, ratings of the ceremony have dropped, though there was a small rise in recent years, with a significant number of youthful audiences tuning in from mobile devices and laptops.
In a related comment, the video platform's chief executive described the Oscars "among our essential cultural touchstones" and said that partnering with the Academy would "spark a younger cohort of artistic expression and film lovers while staying true to the Oscars' storied history".
The broadcast network, which has streamed the awards since 1976, said that it was excited "to hosting the event three more times" it will still host.
This shift comes as large entertainment companies confront challenging merger discussions. Both options were considered concerning for an industry that has witnessed significant downsizing over the last few years.
In common with big production houses, traditional TV channels have encountered challenges as the audience has increasingly opted for streaming services instead.
YouTube obtaining the license to the Academy Awards strongly indicates that reliance on streaming sites will persist increasing.
