The Academy Awards Will Leave Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it signed a extended contract awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, scheduled for March 15th, has aired for 50 years on the traditional network. Starting in 2029, the show will be accessible live and for free on YouTube.
It's a further significant restructuring in Hollywood, which is navigating studio sales and mergers, in addition to severe reductions in filming.
"Our Academy represents an global institution, and this alliance will enable us to expand access to the mission of the Academy to the biggest global viewership attainable - which will be advantageous for our film artists and the film community," said the Academy's executives in a release.
Over decades, audience numbers of the ceremony have declined, even if there was a small rise in recent years, with a significant number of youthful audiences streaming from mobile devices and computers.
In a corresponding announcement, the head of YouTube called the Oscars "one of our vital pillars of culture" and added that working with the Academy would "spark a fresh wave of creativity and movie fans while remaining faithful to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This shift coincides with film industry giants face challenging merger discussions. Such proposals were seen as concerning for an sector that has seen severe reductions over the recent period.
In common with major studios, cable networks have faced issues as the public has chosen streaming services as an alternative.
The platform securing rights to the Academy Awards further suggests that dependence on digital platforms will carry on increasing.
