The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, representing the latest substantial change in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a extended contract granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, which is planned for March 15th, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be accessible live and for free on YouTube.
This is another significant upheaval in Hollywood, which is grappling with company buyouts and fusions, in addition to drastic reductions in filming.
"Our Academy represents an international organization, and this alliance will enable 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 movie industry," remarked organization heads in a announcement.
For many years, audience numbers of the televised event have dropped, though there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our vital cultural institutions" and noted that working with the Academy would "spark a new generation of innovation and film lovers while staying true to the Oscars' illustrious history".
ABC, which has aired the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will still host.
This shift coincides with major studios deal with complex corporate battles. Both options were seen as unfavourable for an business that has seen severe reductions over the recent period.
In common with major studios, traditional TV channels have encountered challenges as the public has shifted towards streaming services instead.
YouTube winning the license to the Academy Awards strongly indicates that reliance on streaming sites will persist increasing.
