The Oscars to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Oscars ceremony will begin broadcasting solely on the global video platform in the year 2029, signaling the latest substantial change in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, stating that it entered into a long-term agreement awarding the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, set for 15 March, has aired for five decades on ABC. Beginning in 2029, the ceremony will be viewable in real-time without charge on the digital platform.
It's one more major shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"The Academy is an international organization, and this partnership will allow us to increase availability to the activities of the Academy to the largest worldwide audience possible - which will be beneficial for our film artists and the film community," said Academy leadership in a announcement.
For many years, ratings of the ceremony have declined, even if there was a small rise in recent years, with a notable portion of youthful audiences watching from mobile devices and computers.
In a related comment, the head of YouTube described the Oscars "a key vital pillars of culture" and said that partnering with the Academy would "spark a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious history".
ABC, which has televised the awards since the mid-1970s, said that it was excited "to the upcoming broadcasts" it will retain rights for.
The move coincides with major studios face intricate takeover attempts. These potential deals were seen as problematic for an sector that has witnessed significant downsizing over the last few years.
Similar to major studios, traditional TV channels have faced issues as the audience has increasingly opted for on-demand video as an alternative.
YouTube obtaining rights to the Academy Awards further suggests that the dominance of streaming sites will continue expanding.
