The Oscars Will Leave Broadcast TV and Stream on YouTube Beginning in 2029.
The Academy Awards are set to start airing only on the global video platform in 2029, signaling the newest significant change in the film industry.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a long-term agreement giving the streaming service the exclusive global rights to the Oscars through 2033.
The awards show, set for March 15th, has been broadcast for 50 years on ABC. Commencing in 2029, the show will be available live and for free on YouTube.
This is a further significant shakeup in the entertainment world, which is navigating corporate acquisitions and consolidations, in addition to drastic reductions in filming.
"Our Academy represents an global institution, and this alliance will allow us to broaden reach to the activities of the Academy to the biggest global viewership possible - which will be advantageous for our membership and the movie industry," remarked Academy leadership in a announcement.
For many years, ratings of the ceremony have dropped, though there was a slight uptick in recent years, with a significant number of youthful audiences tuning in from smartphones and desktops.
In a separate statement, the head of YouTube called the Oscars "among our fundamental pillars of culture" and noted that working with the Academy would "motivate a younger cohort of innovation and film lovers while staying true to the Oscars' illustrious legacy".
The broadcast network, which has televised the ceremony since the mid-1970s, commented that it was looking forward "to the next three telecasts" it will still host.
This shift coincides with large entertainment companies face challenging merger discussions. Such proposals were seen as problematic for an industry that has witnessed significant downsizing over the recent period.
In common with major studios, cable networks have encountered challenges as the audience has chosen digital platforms instead.
YouTube obtaining the license to the Academy Awards strongly indicates that the dominance of online services will carry on to grow.
