The Oscars Are Exiting Broadcast TV and Stream on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on YouTube in the year 2029, signaling the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a extended contract giving YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been broadcast for a half a century on the traditional network. Commencing in 2029, the show will be viewable live and for free on the digital platform.
This is a further significant upheaval in the entertainment world, which is dealing with company buyouts and fusions, along with steep slashes to movie budgets.
"Our Academy represents an global institution, and this partnership will enable us to increase availability to the activities of the Academy to the biggest global viewership attainable - which will be positive for our membership and the film community," said the Academy's executives in a release.
Over decades, viewership of the awards show have fallen, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers watching from mobile devices and desktops.
In a corresponding announcement, the video platform's chief executive called the Oscars "among our fundamental pillars of culture" and added that partnering with the Academy would "spark a new generation of artistic expression and film lovers while staying true to the Oscars' storied heritage".
The broadcast network, which has streamed the awards since 1976, commented that it was looking forward "to the next three telecasts" it will still host.
The move follows film industry giants confront complex corporate battles. Such proposals were viewed as unfavourable for an industry that has witnessed severe reductions over the recent period.
Like major studios, cable networks have faced issues as the public has shifted towards on-demand video as an alternative.
YouTube winning rights to the Oscars clearly signals that dependence on streaming sites will persist increasing.
