AceShowbiz - The iconic Oscars ceremony, held at Hollywood’s Dolby Theatre since 2002, is set to relocate to the Peacock Theater at L.A. Live in downtown Los Angeles starting in 2029. This change will coincide with the Academy Awards’ 101st edition and marks a new chapter for the prestigious event.

The move is part of a freshly inked 10-year agreement between the Academy of Motion Picture Arts and Sciences and AEG, announced publicly on Thursday. The deal also includes a historic broadcasting partnership, as the 2029 Oscars will be the first to stream live on YouTube, expanding the ceremony’s reach to a global digital audience.

AEG, known worldwide for managing major entertainment and sports venues, will oversee extensive upgrades to the Peacock Theater to prepare it for its new role. Planned improvements include enhancements to the stage, sound and lighting systems, lobbies, backstage areas, and other critical production spaces. Additionally, AEG will work closely with the Academy to integrate customized design elements tailored specifically for the Oscars ceremony.

The expansive L.A. Live complex spans 23 acres and covers 4 million square feet, offering a vibrant sports and entertainment district in downtown Los Angeles. Its recently expanded plaza is slated to host the Oscars’ red carpet arrivals and fan activities, promising an elevated experience for attendees and viewers alike.

One of the most notable benefits of relocating is the increase in audience capacity. The Peacock Theater currently seats approximately 7,100 people, more than double the Dolby Theatre’s 3,400-seat capacity. This expansion will allow significantly more guests to attend the live event in person. It is worth noting that the Peacock Theater’s naming rights are set to expire in 2028, so the venue may be known by a different name when it hosts the Oscars.

Academy CEO Bill Kramer and president Lynette Howell Taylor expressed enthusiasm about the partnership, stating, “We are thrilled to partner with a global powerhouse like AEG. Their track record for building and operating technologically sophisticated live performance venues is unrivaled.” They added that the collaboration aims to make L.A. Live an ideal setting for celebrating cinema, both for the live audience and worldwide film fans.

AEG’s chief revenue officer Todd Goldsten highlighted the cultural significance of the venue, saying, “L.A. Live was built to host the moments that define culture, and there is no greater global stage than the Oscars.” He emphasized their commitment to reimagining the Oscars experience to honor creativity and excellence while delivering an unforgettable event for movie enthusiasts around the globe.

This relocation signifies a major evolution for the Oscars, blending tradition with innovation by moving from Hollywood’s historic theater to a modern, high-capacity venue in downtown Los Angeles. The partnership with AEG and the new streaming deal with YouTube also reflect the Academy’s efforts to modernize and broaden the ceremony’s appeal in an increasingly digital world.

As the 101st Oscars approaches, anticipation will build around how the event’s new home at L.A. Live will shape the future of this celebrated awards ceremony, both in terms of production quality and audience engagement. The move underscores a commitment to enhancing the spectacle while maintaining the prestige synonymous with the Oscars.