The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, representing the newest significant shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it entered into a extended contract awarding the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for March 15th, has aired for a half a century on the traditional network. Starting in 2029, the ceremony will be accessible as a free live stream on YouTube.
It's one more significant restructuring in the entertainment world, which is grappling with studio sales and mergers, in addition to steep production cuts.
"The Academy is an international organization, and this collaboration will allow us to increase availability to the mission of the Academy to the biggest global viewership possible - which will be beneficial for our Academy members and the film community," stated the Academy's executives in a statement.
For many years, ratings of the ceremony have declined, even if there was a slight uptick in recent years, with a significant number of younger viewers tuning in from cell phones and laptops.
In a related comment, the head of YouTube called the Oscars "a key essential cultural institutions" and said that working with the Academy would "inspire a new generation of creativity and movie fans while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has televised the ceremony since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move follows film industry giants confront intricate takeover attempts. Both options were considered concerning for an industry that has experienced severe reductions over the last few years.
Similar to big production houses, cable networks have struggled as the audience has increasingly opted for streaming services instead.
The platform securing the license to the Academy Awards clearly signals that the dominance of online services will carry on to grow.