The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony will commence airing only on the global video platform in 2029, marking the most recent major transformation in Hollywood.
The organization behind the Oscars revealed the news on this week, indicating that it finalized a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, which is planned for 15 March, has been broadcast for five decades on ABC. Beginning in 2029, the show will be viewable as a free live stream on YouTube.
It's another significant shakeup in the entertainment world, which is grappling with corporate acquisitions and consolidations, coupled with drastic slashes to movie budgets.
"Our Academy represents an global institution, and this collaboration will enable us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be positive for our membership and the cinematic world," said the Academy's executives in a announcement.
For many years, ratings of the televised event have declined, though there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers streaming from cell phones and laptops.
In a related comment, YouTube's CEO referred to the Oscars "one of our fundamental cultural touchstones" and said that working with the Academy would "motivate a fresh wave of artistic expression and film lovers while staying true to the Oscars' celebrated legacy".
The broadcast network, which has streamed the awards since the mid-1970s, commented that it was eagerly anticipating "to hosting the event three more times" it will still host.
The move follows film industry giants confront complex corporate battles. These potential deals were viewed as concerning for an business that has experienced drastic cuts over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has chosen digital platforms instead.
YouTube obtaining broadcasting rights to the Academy Awards clearly signals that dependence on online services will continue expanding.
