The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, marking the most recent major change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it finalized a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, set for March 15th, has been televised for five decades on the traditional network. Beginning in 2029, the show will be available as a free live stream on YouTube.
This is a further significant shakeup in Hollywood, which is grappling with studio sales and mergers, in addition to drastic reductions in filming.
"The Academy is an global institution, and this partnership will enable us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the film community," stated Academy leadership in a announcement.
Over decades, audience numbers of the ceremony have declined, even if there was a small rise in recent years, with a notable portion of youthful audiences streaming from cell phones and computers.
In a separate statement, the video platform's chief executive described the Oscars "a key vital cultural institutions" and noted that teaming up with the Academy would "spark a new generation of creativity and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will continue to air.
The move follows major studios confront challenging merger discussions. Both options were seen as unfavourable for an industry that has witnessed significant downsizing over the past several years.
Similar to major studios, cable networks have struggled as the public has shifted towards streaming services instead.
The platform securing broadcasting rights to the Oscars clearly signals that the dominance of online services will carry on expanding.
