The Academy Awards to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, marking the most recent major shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a extended contract giving the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, scheduled for 15 March, has aired for 50 years on ABC. Commencing in 2029, the show will be available as a free live stream on the digital platform.
It's a further substantial shakeup in Hollywood, which is grappling with company buyouts and fusions, along with steep production cuts.
"Our Academy represents an global institution, and this partnership will allow us to increase availability to the activities 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 statement.
Throughout a long period, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a significant number of younger viewers tuning in from smartphones and laptops.
In a related comment, the head of YouTube referred to the Oscars "one of our fundamental cultural institutions" and noted that teaming up with the Academy would "inspire a younger cohort of innovation and film lovers while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has streamed the awards since 1976, commented that it was excited "to hosting the event three more times" it will still host.
This decision coincides with large entertainment companies face challenging merger discussions. Such proposals were viewed as concerning for an industry that has seen significant downsizing over the recent period.
Similar to big production houses, traditional TV channels have encountered challenges as the public has chosen digital platforms instead.
YouTube winning the license to the Academy Awards further suggests that reliance on digital platforms will persist expanding.
