The Academy Awards Are Exiting Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Oscars ceremony are set to start broadcasting solely on YouTube in the year 2029, representing the latest significant change in the film industry.
The organization behind the Oscars declared the decision on Wednesday, stating that it signed a multi-year deal awarding the streaming service the exclusive global rights to the Oscars up to 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 viewable live and for free on YouTube.
It's one more significant restructuring in Hollywood, which is grappling with corporate acquisitions and consolidations, coupled with drastic production cuts.
"The Academy is an international organization, and this partnership will allow us to expand access to the work of the Academy to the biggest global viewership possible - which will be beneficial for our film artists and the cinematic world," said the Academy's executives in a statement.
Throughout a long period, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a notable portion of younger viewers tuning in from smartphones and laptops.
In a separate statement, YouTube's CEO referred to the Oscars "among our vital pillars of culture" and said that teaming up with the Academy would "inspire a new generation of innovation and film lovers while remaining faithful to the Oscars' illustrious heritage".
The broadcast network, which has streamed the awards since the mid-1970s, said that it was looking forward "to hosting the event three more times" it will continue to air.
This decision comes as large entertainment companies confront challenging merger discussions. Both options were seen as unfavourable for an industry that has seen significant downsizing over the past several years.
Like big production houses, traditional TV channels have faced issues as the public has increasingly opted for on-demand video instead.
The platform securing rights to the Oscars strongly indicates that the dominance of online services will carry on expanding.
