The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in the year 2029, representing the most recent major transformation in the film industry.
The organization behind the Oscars revealed the news on Wednesday, indicating that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the show will be viewable in real-time without charge on YouTube.
It's a further major upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to severe production cuts.
"Our Academy represents an international organization, and this partnership will allow us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the cinematic world," said the Academy's executives in a release.
Throughout a long period, ratings of the televised event have fallen, although there was a small rise in recent years, with a significant number of Gen Z and millennial watchers tuning in from smartphones and desktops.
In a related comment, YouTube's CEO described the Oscars "among our fundamental pillars of culture" and added that teaming up with the Academy would "inspire a younger cohort of innovation and film lovers while remaining faithful to the Oscars' storied history".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will continue to air.
This shift coincides with film industry giants deal with intricate takeover attempts. Both options were seen as problematic for an sector that has witnessed significant downsizing over the past several years.
Like big production houses, cable networks have struggled as the public has shifted towards on-demand video as an alternative.
YouTube obtaining the license to the Academy Awards further suggests that the dominance of online services will persist expanding.
