The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will commence streaming exclusively on the global video platform in 2029, marking the latest major shift in the film industry.
The organization behind the Oscars revealed the news on this week, indicating that it finalized a extended contract granting YouTube the unique international license to the Oscars through 2033.
The awards show, set for 15 March, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be accessible in real-time without charge on YouTube.
This is another substantial restructuring in Hollywood, which is navigating studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an international organization, and this alliance will permit us to broaden reach to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our membership and the film community," remarked organization heads in a announcement.
Throughout a long period, viewership of the televised event have declined, although there was a slight uptick in recent years, with a considerable amount of youthful audiences tuning in from smartphones and laptops.
In a related comment, the video platform's chief executive referred to the Oscars "a key essential cultural institutions" and said that teaming up with the Academy would "spark a younger cohort of artistic expression and movie fans while adhering to the Oscars' illustrious heritage".
ABC, which has streamed the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will still host.
The move comes as large entertainment companies confront complex corporate battles. These potential deals were seen as problematic for an industry that has seen severe reductions over the last few years.
Similar to major studios, traditional TV channels have struggled as the public has shifted towards on-demand video as an alternative.
YouTube winning the license to the Academy Awards further suggests that the dominance of digital platforms will persist to grow.
