The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, marking the latest major transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the show will be available as a free live stream on the digital platform.
It's another substantial restructuring in Hollywood, which is dealing with company buyouts and fusions, in addition to steep production cuts.
"Our Academy represents an global institution, and this alliance will allow us to broaden reach to the work of the Academy to the most extensive international crowd attainable - which will be positive for our Academy members and the film community," remarked organization heads in a statement.
Over decades, audience numbers of the ceremony have dropped, though there was a small rise in recent years, with a notable portion of youthful audiences streaming from mobile devices and laptops.
In a separate statement, the video platform's chief executive described the Oscars "among our fundamental pillars of culture" and noted that partnering with the Academy would "inspire a younger cohort of creativity and cinema enthusiasts while adhering to the Oscars' celebrated history".
The broadcast network, which has televised the ceremony since the mid-1970s, commented that it was looking forward "to the upcoming broadcasts" it will continue to air.
The move follows major studios confront challenging merger discussions. These potential deals were considered concerning for an sector that has seen significant downsizing over the past several years.
Similar to major studios, traditional TV channels have encountered challenges as the public has increasingly opted for digital platforms as an alternative.
YouTube winning broadcasting rights to the Oscars strongly indicates that reliance on online services will persist expanding.
