The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in 2029.
The Academy Awards will begin airing only on YouTube in the year 2029, representing the newest significant transformation in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, indicating that it entered into a multi-year deal awarding the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has aired for five decades on ABC. Beginning in 2029, the show will be viewable live and for free on YouTube.
It's another substantial restructuring in the entertainment world, which is dealing with studio sales and mergers, in addition to drastic slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will enable us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the film community," said the Academy's executives in a release.
Throughout a long period, audience numbers of the ceremony have dropped, even if there was a small rise in recent years, with a notable portion of younger viewers streaming from smartphones and desktops.
In a separate statement, the head of YouTube called the Oscars "one of our fundamental pillars of culture" and said that teaming up with the Academy would "motivate a fresh wave of creativity and movie fans while staying true to the Oscars' storied legacy".
The broadcast network, which has aired the awards since 1976, said that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move comes as major studios deal with intricate takeover attempts. These potential deals were considered concerning for an sector that has witnessed severe reductions over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the audience has shifted towards streaming services instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will continue expanding.
