The Oscars to Depart Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, signaling the latest significant shift in Hollywood.
The organization behind the Oscars revealed the news on this week, stating that it signed a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has been broadcast for 50 years on the traditional network. Commencing in 2029, the ceremony will be available as a free live stream on YouTube.
It's a further substantial restructuring in the entertainment world, which is navigating studio sales and mergers, coupled with drastic reductions in filming.
"The Academy is an global institution, and this alliance will permit us to increase availability to the mission of the Academy to the biggest global viewership attainable - which will be positive for our film artists and the movie industry," stated organization heads in a statement.
Throughout a long period, audience numbers of the awards show have fallen, although there was a minor increase in recent years, with a notable portion of younger viewers tuning in from mobile devices and laptops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our essential cultural institutions" and noted that teaming up with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while adhering to the Oscars' celebrated legacy".
ABC, which has televised the awards since the mid-1970s, commented that it was excited "to the next three telecasts" it will continue to air.
This shift coincides with major studios face challenging merger discussions. Such proposals were seen as concerning for an sector that has seen significant downsizing over the past several years.
Like big production houses, cable networks have faced issues as the public has shifted towards on-demand video instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that dependence on streaming sites will persist to grow.
