The Oscars to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, marking the newest substantial shift in Hollywood.
The organization behind the Oscars revealed the news on this week, confirming that it entered into a long-term agreement granting the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been televised for 50 years on the traditional network. Starting in 2029, the show will be accessible as a free live stream on YouTube.
It's a further major shakeup in Hollywood, which is dealing with corporate acquisitions and consolidations, in addition to drastic slashes to movie budgets.
"The Academy is an global institution, and this collaboration will enable us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be beneficial for our membership and the movie industry," remarked organization heads in a statement.
Over decades, viewership of the ceremony have fallen, although there was a small rise in recent years, with a significant number of younger viewers tuning in from smartphones and laptops.
In a separate statement, the video platform's chief executive described the Oscars "one of our fundamental cultural institutions" and added that working with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
The broadcast network, which has televised the ceremony since 1976, commented that it was excited "to the upcoming broadcasts" it will continue to air.
This decision follows major studios face complex corporate battles. These potential deals were viewed as problematic for an sector that has experienced significant downsizing over the last few years.
In common with major studios, traditional TV channels have encountered challenges as the viewers has increasingly opted for on-demand video instead.
YouTube winning broadcasting rights to the Academy Awards further suggests that the dominance of streaming sites will persist increasing.
