The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in the year 2029, signaling the latest significant change in Hollywood.
The organization behind the Oscars declared the decision on Wednesday, stating that it entered into a long-term agreement giving the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, set for March 15th, has aired for a half a century on the traditional network. Commencing in 2029, the show will be accessible in real-time without charge on the digital platform.
It's one more significant restructuring in Hollywood, which is navigating company buyouts and fusions, along with severe reductions in filming.
"Our Academy represents an international organization, and this partnership will allow us to broaden reach to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the cinematic world," stated Academy leadership in a release.
Throughout a long period, viewership of the televised event have fallen, though there was a minor increase in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and computers.
In a corresponding announcement, the head of YouTube called the Oscars "one of our vital cultural institutions" and said that partnering with the Academy would "spark a fresh wave of creativity and cinema enthusiasts while staying true to the Oscars' illustrious history".
The broadcast network, which has aired the ceremony since 1976, said that it was looking forward "to hosting the event three more times" it will continue to air.
This decision follows major studios confront challenging merger discussions. Such proposals were viewed as unfavourable for an business that has seen significant downsizing over the recent period.
Like big production houses, cable networks have encountered challenges as the audience has shifted towards on-demand video instead.
YouTube obtaining rights to the Oscars further suggests that reliance on digital platforms will continue to grow.
