The Oscars to Depart ABC and Broadcast Live on the Video Platform Beginning in the Year 2029.
The Academy Awards will begin streaming exclusively on YouTube in the year 2029, marking the newest major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it signed a extended contract granting YouTube the exclusive global rights to the Oscars through 2033.
The awards show, set for 15 March, has aired for 50 years on the traditional network. Beginning in 2029, the ceremony will be accessible in real-time without charge on the digital platform.
This is one more major shakeup in Hollywood, which is dealing with company buyouts and fusions, in addition to steep slashes to movie budgets.
"The Academy is an global institution, and this collaboration will enable us to expand access to the activities of the Academy to the most extensive international crowd possible - which will be positive for our Academy members and the film community," remarked the Academy's executives in a statement.
Throughout a long period, viewership of the ceremony have dropped, even if there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and desktops.
In a corresponding announcement, the video platform's chief executive described the Oscars "among our fundamental pillars of culture" and said that teaming up with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while staying true to the Oscars' celebrated heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This shift comes as major studios deal with challenging merger discussions. These potential deals were seen as concerning for an sector that has witnessed drastic cuts over the last few years.
Similar to big production houses, traditional TV channels have faced issues as the viewers has increasingly opted for digital platforms instead.
The platform securing the license to the Academy Awards clearly signals that reliance on online services will persist increasing.
