The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, representing the newest major shift in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been broadcast for five decades on the traditional network. Commencing in 2029, the event will be viewable live and for free on the digital platform.
It's another significant shakeup in the entertainment world, which is dealing with company buyouts and fusions, coupled with steep slashes to movie budgets.
"Our Academy represents an worldwide body, and this partnership will permit us to broaden reach to the mission of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a announcement.
Throughout a long period, ratings of the ceremony have dropped, although there was a slight uptick in recent years, with a considerable amount of younger viewers watching from smartphones and computers.
In a separate statement, the video platform's chief executive described the Oscars "a key vital cultural institutions" and added that working with the Academy would "inspire a new generation of innovation and movie fans while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
The move coincides with major studios confront challenging merger discussions. These potential deals were viewed as problematic for an industry that has witnessed drastic cuts over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the viewers has increasingly opted for digital platforms instead.
The platform securing rights to the Oscars strongly indicates that the dominance of streaming sites will persist to grow.
