The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, representing the most recent substantial shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it signed a extended contract granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been televised for a half a century on the traditional network. Starting in 2029, the ceremony will be accessible as a free live stream on the digital platform.
This is one more major shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, in addition to steep slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will enable us to broaden reach to the mission of the Academy to the largest worldwide audience possible - which will be positive for our membership and the film community," remarked the Academy's executives in a statement.
Throughout a long period, ratings of the televised event have fallen, even if there was a slight uptick in recent years, with a significant number of youthful audiences watching from cell phones and desktops.
In a related comment, the video platform's chief executive described the Oscars "a key essential cultural touchstones" and said that teaming up with the Academy would "inspire a fresh wave of artistic expression and film lovers while staying true to the Oscars' celebrated heritage".
The broadcast network, which has streamed the awards since 1976, said that it was excited "to the next three telecasts" it will continue to air.
This shift coincides with large entertainment companies deal with complex corporate battles. These potential deals were seen as unfavourable for an business that has experienced severe reductions over the recent period.
Like 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 the dominance of streaming sites will persist increasing.
