The Oscars to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start airing only on YouTube in the year 2029, signaling the latest substantial shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, indicating that it signed a multi-year deal awarding the streaming service the exclusive global rights to the Oscars until 2033.
The Oscars, which is planned for March 15th, has been broadcast for five decades on ABC. Commencing in 2029, the ceremony will be available in real-time without charge on YouTube.
This is one more major restructuring in the entertainment world, which is dealing with company buyouts and fusions, along with steep production cuts.
"The Academy is an international organization, and this partnership will allow us to increase availability to the activities of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the film community," stated Academy leadership in a announcement.
Throughout a long period, viewership of the ceremony have dropped, though there was a small rise in recent years, with a notable portion of younger viewers streaming from mobile devices and computers.
In a separate statement, the head of YouTube called the Oscars "one of our fundamental pillars of culture" and added that partnering with the Academy would "inspire a fresh wave of artistic expression and movie fans while staying true to the Oscars' storied heritage".
The broadcast network, which has televised the awards since 1976, commented that it was excited "to the upcoming broadcasts" it will still host.
This decision coincides with major studios confront complex corporate battles. These potential deals were considered concerning for an industry that has seen severe reductions over the recent period.
In common with major studios, traditional TV channels have encountered challenges as the public has increasingly opted for streaming services instead.
YouTube winning the license to the Oscars clearly signals that dependence on streaming sites will continue expanding.
