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 the year 2029, signaling the newest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, set for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.
It's one more significant restructuring in the entertainment world, which is dealing with company buyouts and fusions, in addition to drastic slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the work of the Academy to the most extensive international crowd possible - which will be advantageous for our membership and the movie industry," remarked organization heads in a statement.
For many years, ratings of the ceremony have dropped, though there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from cell phones and computers.
In a corresponding announcement, the video platform's chief executive described the Oscars "one of our vital cultural institutions" and said that working with the Academy would "motivate a fresh wave of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied heritage".
ABC, which has streamed the ceremony since the mid-1970s, said that it was eagerly anticipating "to hosting the event three more times" it will continue to air.
This shift comes as major studios face intricate takeover attempts. Such proposals were seen as concerning for an sector that has experienced severe reductions over the recent period.
In common with major studios, traditional TV channels have faced issues as the viewers has shifted towards digital platforms instead.
YouTube winning broadcasting rights to the Oscars further suggests that the dominance of streaming sites will continue increasing.
