The Oscars to Depart ABC and Stream on the Video Platform Starting in 2029.
The Academy Awards are set to start airing only on YouTube in the year 2029, representing the latest major shift in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, indicating that it entered into a extended contract awarding YouTube the unique international license to the Oscars until 2033.
The awards show, which is planned for March 15th, has aired for five decades on the traditional network. Commencing in 2029, the ceremony will be accessible as a free live stream on YouTube.
It's a further major shakeup in the entertainment world, which is grappling with studio sales and mergers, along with severe slashes to movie budgets.
"Our Academy represents an worldwide body, and this collaboration will permit us to broaden reach to the activities of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the cinematic world," said the Academy's executives in a announcement.
Throughout a long period, viewership of the awards show have fallen, though there was a minor increase in recent years, with a significant number of younger viewers watching from mobile devices and computers.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our fundamental pillars of culture" and added that teaming up with the Academy would "inspire a fresh wave of creativity and cinema enthusiasts while staying true to the Oscars' celebrated legacy".
The broadcast network, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift follows major studios deal with challenging merger discussions. Such proposals were viewed as concerning for an business that has seen significant downsizing over the last few years.
Like major studios, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms instead.
The platform securing the license to the Oscars clearly signals that reliance on streaming sites will persist increasing.
