The Oscars to Depart Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start streaming exclusively on YouTube in the year 2029, signaling the latest substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it finalized a long-term agreement awarding the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Beginning in 2029, the event will be viewable in real-time without charge on YouTube.
It's one more substantial restructuring in the entertainment world, which is navigating company buyouts and fusions, in addition to drastic reductions in filming.
"The Academy is an worldwide body, and this alliance will allow us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be advantageous for our Academy members and the cinematic world," stated organization heads in a announcement.
Over decades, audience numbers of the ceremony have fallen, although there was a small rise in recent years, with a considerable amount of youthful audiences tuning in from mobile devices and desktops.
In a separate statement, the video platform's chief executive called the Oscars "a key vital pillars of culture" and added that working with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".
The broadcast network, which has televised the awards since 1976, commented that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This shift coincides with large entertainment companies deal with complex corporate battles. Both options were viewed as problematic for an industry that has seen severe reductions over the recent period.
Like major studios, cable networks have faced issues as the audience has shifted towards streaming services as an alternative.
The platform securing broadcasting rights to the Oscars further suggests that dependence on streaming sites will carry on expanding.
