The Oscars Are Exiting Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the newest major shift in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it entered into a extended contract awarding the streaming service the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on ABC. Commencing in 2029, the event will be available live and for free on YouTube.
This is a further substantial restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with severe production cuts.
"The Academy is an worldwide body, and this collaboration will enable us to broaden reach to the mission of the Academy to the most extensive international crowd possible - which will be beneficial for our membership and the film community," remarked the Academy's executives 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 notable portion of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a separate statement, the head of YouTube referred to the Oscars "a key essential cultural touchstones" and said that working with the Academy would "inspire a younger cohort of innovation and cinema enthusiasts while staying true to the Oscars' storied history".
The broadcast network, which has televised the awards since the mid-1970s, stated that it was excited "to the upcoming broadcasts" it will still host.
This shift follows film industry giants face intricate takeover attempts. Both options were seen as concerning for an sector that has experienced significant downsizing over the past several years.
Like big production houses, cable networks have encountered challenges as the viewers has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Oscars clearly signals that the dominance of digital platforms will carry on increasing.
