The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start airing only on YouTube in 2029, representing the newest major transformation in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it signed a multi-year deal awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The awards show, set for 15 March, has aired for 50 years on the traditional network. Starting in 2029, the ceremony will be available in real-time without charge on YouTube.
It's a further significant upheaval in Hollywood, which is navigating company buyouts and fusions, coupled with steep production cuts.
"The Academy is an international organization, and this collaboration will permit us to broaden reach to the activities of the Academy to the largest worldwide audience attainable - which will be beneficial for our film artists and the film community," remarked the Academy's executives in a release.
Throughout a long period, viewership of the televised event have fallen, although there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and laptops.
In a related comment, the head of YouTube called the Oscars "one of our fundamental cultural institutions" and noted that working with the Academy would "inspire a fresh wave of innovation and movie fans while staying true to the Oscars' illustrious legacy".
ABC, which has aired the awards since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will continue to air.
This shift comes as large entertainment companies deal with challenging merger discussions. Such proposals were considered unfavourable for an sector that has witnessed drastic cuts over the recent period.
Similar to major studios, traditional TV channels have struggled as the public has increasingly opted for on-demand video instead.
YouTube winning rights to the Oscars further suggests that reliance on online services will continue increasing.
