The Academy Awards to Depart Broadcast TV and Stream on YouTube Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the most recent major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, stating that it finalized a long-term agreement granting the streaming service the unique international license to the Oscars up to 2033.
The Oscars, which is planned for March 15th, has aired for 50 years on ABC. Starting in 2029, the ceremony will be available in real-time without charge on the digital platform.
It's one more substantial shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with severe reductions in filming.
"The Academy is an global institution, and this collaboration will allow us to broaden reach to the mission of the Academy to the most extensive international crowd attainable - which will be positive for our membership and the film community," said organization heads in a announcement.
Throughout a long period, audience numbers of the ceremony have declined, though there was a slight uptick in recent years, with a considerable amount of younger viewers watching from mobile devices and desktops.
In a separate statement, the head of YouTube called the Oscars "one of our essential pillars of culture" and noted that working with the Academy would "inspire a fresh wave of artistic expression and movie fans while adhering to the Oscars' storied history".
ABC, which has aired the awards since 1976, commented that it was eagerly anticipating "to the next three telecasts" it will still host.
This decision follows film industry giants deal with intricate takeover attempts. Both options were considered concerning for an industry that has witnessed significant downsizing over the last few years.
In common with big production houses, cable networks have faced issues as the public has chosen streaming services instead.
YouTube obtaining the license to the Oscars strongly indicates that reliance on streaming sites will continue expanding.
