The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, signaling the latest major shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, stating that it signed a multi-year deal giving the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, set for March 15th, has aired for a half a century on ABC. Starting in 2029, the event will be viewable in real-time without charge on YouTube.
This is another substantial upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with steep reductions in filming.
"The Academy is an global institution, and this collaboration will allow us to expand access to the activities of the Academy to the largest worldwide audience imaginable - which will be beneficial for our film artists and the movie industry," stated Academy leadership in a announcement.
Throughout a long period, viewership of the awards show have fallen, even if there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from cell phones and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our essential cultural institutions" and noted that partnering with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious heritage".
The broadcast network, which has televised the awards since the mid-1970s, said that it was excited "to the next three telecasts" it will still host.
This shift follows large entertainment companies face challenging merger discussions. Such proposals were considered concerning for an industry that has witnessed drastic cuts over the past several years.
Like major studios, cable networks have struggled as the viewers has shifted towards digital platforms instead.
The platform securing rights to the Oscars further suggests that the dominance of streaming sites will persist to grow.
