The Oscars to Depart Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards will commence broadcasting solely on YouTube in the year 2029, marking the newest substantial shift in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, confirming that it entered into a extended contract granting the streaming service the unique international license to the Oscars until 2033.
The awards show, which is planned for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the ceremony will be available as a free live stream on YouTube.
This is another major shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with steep production cuts.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the mission of the Academy to the most extensive international crowd imaginable - which will be advantageous for our membership and the cinematic world," remarked organization heads in a release.
For many years, ratings of the ceremony have dropped, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers streaming from cell phones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "a key essential pillars of culture" and said that teaming up with the Academy would "spark a new generation of artistic expression and film lovers while staying true to the Oscars' celebrated history".
ABC, which has aired the ceremony since the mid-1970s, commented that it was excited "to the next three telecasts" it will retain rights for.
The move follows film industry giants deal with challenging merger discussions. Such proposals were considered unfavourable for an business that has experienced severe reductions over the recent period.
In common with big production houses, traditional TV channels have encountered challenges as the public has shifted towards on-demand video as an alternative.
The platform securing rights to the Oscars clearly signals that reliance on streaming sites will continue increasing.
