The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start airing only on the global video platform in 2029, marking the most recent major transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it entered into a extended contract awarding the streaming service the exclusive global rights to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for five decades on ABC. Commencing in 2029, the event will be available in real-time without charge on YouTube.
This is another substantial shakeup in the entertainment world, which is grappling with company buyouts and fusions, along with severe production cuts.
"Our Academy represents an global institution, and this alliance will permit us to increase availability to the activities of the Academy to the most extensive international crowd attainable - which will be advantageous for our membership and the movie industry," said Academy leadership in a release.
For many years, viewership of the awards show have fallen, although there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and computers.
In a corresponding announcement, the video platform's chief executive referred to the Oscars "one of our vital pillars of culture" and noted that partnering with the Academy would "inspire a younger cohort of artistic expression and film lovers while staying true to the Oscars' celebrated legacy".
ABC, which has televised the ceremony since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will still host.
The move coincides with film industry giants deal with complex corporate battles. Such proposals were seen as unfavourable for an business that has witnessed drastic cuts over the recent period.
In common with major studios, traditional TV channels have faced issues as the viewers has increasingly opted for digital platforms instead.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that the dominance of digital platforms will persist to grow.
