The Academy Awards Will Leave Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, marking the newest major change in Hollywood.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a long-term agreement giving the streaming service the unique international license to the Oscars through 2033.
The awards show, set for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be accessible as a free live stream on YouTube.
It's one more substantial restructuring in Hollywood, which is dealing with studio sales and mergers, in addition to steep slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will permit us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our Academy members and the movie industry," stated organization heads in a statement.
Throughout a long period, ratings of the awards show have dropped, even if there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and desktops.
In a related comment, the head of YouTube referred to the Oscars "a key vital cultural institutions" and added that teaming up with the Academy would "motivate a new generation of creativity and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has aired the awards since the mid-1970s, commented that it was excited "to hosting the event three more times" it will retain rights for.
This decision follows major studios deal with complex corporate battles. Such proposals were considered unfavourable for an sector that has experienced significant downsizing over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has increasingly opted for on-demand video as an alternative.
YouTube winning the license to the Oscars clearly signals that dependence on digital platforms will persist increasing.
