The Oscars to Depart Broadcast TV and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it entered into a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the ceremony will be accessible as a free live stream on YouTube.
This is one more major shakeup in Hollywood, which is dealing with studio sales and mergers, coupled with severe reductions in filming.
"The Academy is an worldwide body, and this partnership will allow us to expand access to the work of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the movie industry," remarked organization heads in a announcement.
For many years, viewership of the awards show have declined, though there was a minor increase in recent years, with a significant number of youthful audiences watching from mobile devices and laptops.
In a corresponding announcement, the head of YouTube described the Oscars "among our essential cultural touchstones" and said that working with the Academy would "motivate a younger cohort of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
This decision coincides with film industry giants confront complex corporate battles. Such proposals were considered unfavourable for an industry that has witnessed severe reductions over the recent period.
Similar to big production houses, traditional TV channels have struggled as the public has shifted towards on-demand video as an alternative.
The platform securing broadcasting rights to the Oscars strongly indicates that dependence on streaming sites will continue expanding.
