The Academy Awards Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards will begin broadcasting solely on YouTube in 2029, signaling the most recent significant shift in the film industry.
The organization behind the Oscars made the announcement on Wednesday, indicating that it finalized a long-term agreement giving the streaming service the exclusive global rights to the Oscars up to 2033.
The awards show, scheduled for 15 March, has been broadcast for a half a century on ABC. Starting in 2029, the event will be accessible as a free live stream on the digital platform.
It's another significant upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with steep slashes to movie budgets.
"The Academy is an international organization, and this collaboration will enable us to increase availability to the mission of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the cinematic world," stated Academy leadership in a statement.
Over decades, audience numbers of the ceremony have fallen, even if there was a slight uptick in recent years, with a notable portion of younger viewers watching from mobile devices and laptops.
In a separate statement, the head of YouTube described the Oscars "a key fundamental cultural institutions" and added that working with the Academy would "spark a new generation of artistic expression and film lovers while staying true to the Oscars' celebrated legacy".
ABC, which has aired the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will continue to air.
The move coincides with major studios confront complex corporate battles. Such proposals were considered unfavourable for an business that has witnessed drastic cuts over the past several years.
Similar to major studios, cable networks have struggled as the public has increasingly opted for on-demand video as an alternative.
YouTube obtaining rights to the Oscars clearly signals that reliance on online services will continue increasing.
