The Academy Awards to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.
The Academy Awards will begin streaming exclusively on the global video platform in 2029, signaling the latest significant change in the film industry.
The organization behind the Oscars declared the decision on this week, indicating that it finalized a long-term agreement giving the streaming service the unique international license to the Oscars up to 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on ABC. Beginning in 2029, the event will be viewable as a free live stream on the digital platform.
This is a further substantial restructuring in Hollywood, which is navigating company buyouts and fusions, coupled with severe reductions in filming.
"Our Academy represents an global institution, and this collaboration will allow us to broaden reach to the mission of the Academy to the biggest global viewership attainable - which will be beneficial for our Academy members and the cinematic world," said the Academy's executives in a release.
Over decades, ratings of the awards show have dropped, even if there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and desktops.
In a related comment, YouTube's CEO described the Oscars "a key fundamental cultural touchstones" and added that partnering with the Academy would "inspire a new generation of creativity and cinema enthusiasts while remaining faithful to the Oscars' celebrated history".
ABC, which has aired the awards since 1976, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
The move coincides with film industry giants deal with intricate takeover attempts. Both options were seen as problematic for an business that has seen drastic cuts over the recent period.
Similar to major studios, traditional TV channels have struggled as the public has shifted towards on-demand video instead.
YouTube winning broadcasting rights to the Oscars clearly signals that dependence on online services will persist expanding.
