The Oscars to Depart Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony will commence broadcasting solely on the global video platform in the year 2029, representing the latest significant change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, stating that it finalized a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been televised for five decades on the traditional network. Commencing in 2029, the ceremony will be available live and for free on the digital platform.
It's a further substantial restructuring in the entertainment world, which is grappling with company buyouts and fusions, in addition to drastic production cuts.
"Our Academy represents an global institution, and this partnership will enable us to expand access to the work of the Academy to the biggest global viewership possible - which will be beneficial for our membership and the film community," said the Academy's executives in a release.
For many years, viewership of the awards show have dropped, although there was a slight uptick in recent years, with a notable portion of younger viewers watching from cell phones and laptops.
In a corresponding announcement, the head of YouTube called the Oscars "one of our vital pillars of culture" and added that teaming up with the Academy would "inspire a new generation of artistic expression and movie fans while remaining faithful to the Oscars' celebrated heritage".
ABC, which has streamed the ceremony since the mid-1970s, said that it was excited "to hosting the event three more times" it will retain rights for.
This decision comes as major studios face challenging merger discussions. These potential deals were viewed as unfavourable for an business that has seen severe reductions over the recent period.
Similar to big production houses, cable networks have encountered challenges as the viewers has shifted towards digital platforms instead.
YouTube obtaining broadcasting rights to the Academy Awards further suggests that reliance on streaming sites will carry on to grow.
