The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards will commence streaming exclusively on YouTube in the year 2029, marking the latest major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, indicating that it signed a extended contract awarding YouTube the unique international license to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been broadcast for five decades on the traditional network. Beginning in 2029, the event will be accessible in real-time without charge on the digital platform.
This is another significant upheaval in the entertainment world, which is navigating corporate acquisitions and consolidations, coupled with drastic reductions in filming.
"Our Academy represents an international organization, and this alliance will allow us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be positive for our film artists and the movie industry," remarked Academy leadership in a release.
For many years, viewership of the awards show have declined, although there was a small rise in recent years, with a significant number of youthful audiences tuning in from smartphones and computers.
In a separate statement, YouTube's CEO referred to the Oscars "among our fundamental cultural institutions" and noted that partnering with the Academy would "motivate a younger cohort of innovation and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has televised the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will continue to air.
The move comes as major studios deal with intricate takeover attempts. Such proposals were seen as unfavourable for an sector that has witnessed severe reductions over the recent period.
Like big production houses, cable networks have faced issues as the viewers has chosen streaming services instead.
The platform securing the license to the Academy Awards clearly signals that the dominance of online services will persist expanding.
