The Oscars Are Exiting Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on YouTube in the year 2029, representing the most recent major transformation in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a extended contract giving the streaming service the unique international license to the Oscars until 2033.
The awards show, set for March 15th, has aired for 50 years on ABC. Commencing in 2029, the event will be available as a free live stream on YouTube.
It's a further major shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with severe production cuts.
"Our Academy represents an international organization, and this alliance will permit us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the movie industry," remarked the Academy's executives in a announcement.
Over decades, audience numbers of the ceremony have fallen, although there was a small rise in recent years, with a notable portion of younger viewers tuning in from mobile devices and desktops.
In a corresponding announcement, YouTube's CEO referred to the Oscars "a key fundamental cultural touchstones" and noted that partnering with the Academy would "spark a fresh wave of creativity and film lovers while staying true to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will still host.
This decision coincides with film industry giants face challenging merger discussions. Both options were viewed as concerning for an sector that has witnessed severe reductions over the last few years.
In common with major studios, cable networks have faced issues as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining the license to the Oscars further suggests that reliance on online services will carry on increasing.
