The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, signaling the latest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, confirming that it finalized a long-term agreement awarding YouTube the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, set for March 15th, has aired for 50 years on ABC. Commencing in 2029, the ceremony will be available live and for free on YouTube.
It's a further major restructuring in the entertainment world, which is grappling with studio sales and mergers, along with drastic reductions in filming.
"Our Academy represents an global institution, and this partnership will permit us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be beneficial for our film artists and the film community," remarked the Academy's executives in a announcement.
Over decades, ratings of the awards show have declined, even if there was a small rise in recent years, with a significant number of younger viewers tuning in from mobile devices and computers.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our vital pillars of culture" and said that teaming up with the Academy would "spark a younger cohort of innovation and cinema enthusiasts while remaining faithful to the Oscars' celebrated heritage".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move follows major studios confront complex corporate battles. Such proposals were seen as concerning for an sector that has experienced severe reductions over the last few years.
In common with major studios, cable networks have faced issues as the public has shifted towards streaming services as an alternative.
The platform securing the license to the Academy Awards strongly indicates that reliance on online services will carry on to grow.
