The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Beginning in the Year 2029.
The Oscars ceremony will begin streaming exclusively on YouTube in 2029, marking the latest significant change in the film industry.
The organization behind the Oscars made the announcement on this week, indicating that it signed a multi-year deal giving YouTube the unique international license to the Oscars until 2033.
The awards show, scheduled for March 15th, has been broadcast for 50 years on the traditional network. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
It's a further substantial shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"The Academy is an global institution, and this alliance will enable us to increase availability to the mission of the Academy to the largest worldwide audience possible - which will be beneficial for our membership and the movie industry," said organization heads in a announcement.
For many years, viewership of the televised event have dropped, though there was a small rise in recent years, with a significant number of Gen Z and millennial watchers watching from cell phones and desktops.
In a related comment, YouTube's CEO described the Oscars "one of our vital pillars of culture" and said that teaming up with the Academy would "inspire a younger cohort of creativity and film lovers while adhering to the Oscars' illustrious heritage".
ABC, which has streamed the ceremony since 1976, commented that it was looking forward "to the next three telecasts" it will continue to air.
This decision comes as film industry giants deal with intricate takeover attempts. Such proposals were viewed as concerning for an industry that has experienced significant downsizing over the last few years.
Like big production houses, traditional TV channels have encountered challenges as the viewers has increasingly opted for streaming services instead.
The platform securing broadcasting rights to the Oscars clearly signals that the dominance of online services will persist expanding.
