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The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, representing the most recent major shift in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it signed a long-term agreement awarding YouTube the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for March 15th, has been broadcast for 50 years on ABC. Beginning in 2029, the show will be viewable as a free live stream on YouTube.
This is one more significant restructuring in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic production cuts.
"The Academy is an global institution, and this alliance will allow us to expand access to the mission of the Academy to the largest worldwide audience attainable - which will be advantageous for our film artists and the cinematic world," said the Academy's executives in a announcement.
Throughout a long period, viewership of the ceremony have dropped, though there was a minor increase in recent years, with a notable portion of Gen Z and millennial watchers tuning in from smartphones and computers.
In a related comment, the head of YouTube described the Oscars "a key vital cultural institutions" and added that partnering with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' storied heritage".
ABC, which has streamed the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
The move comes as major studios face challenging merger discussions. Both options were viewed as unfavourable for an industry that has witnessed severe reductions over the last few years.
In common with big production houses, cable networks have struggled as the viewers has chosen digital platforms as an alternative.
YouTube obtaining the license to the Academy Awards further suggests that dependence on streaming sites will persist expanding.
Kenneth Bell
A tech strategist and writer passionate about digital transformation and emerging technologies.
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