The Academy Awards Are Exiting Broadcast TV and Stream on YouTube Beginning in 2029.
The Oscars ceremony will commence streaming exclusively on YouTube in the year 2029, representing the most recent significant change in Hollywood.
The organization behind the Oscars revealed the news on this week, stating that it entered into a long-term agreement granting the streaming service the unique international license to the Oscars through 2033.
The Oscars, which is planned for 15 March, has aired for five decades on the traditional network. Commencing in 2029, the ceremony will be available live and for free on the digital platform.
This is another substantial restructuring in Hollywood, which is navigating corporate acquisitions and consolidations, along with steep production cuts.
"Our Academy represents an worldwide body, and this collaboration will enable us to expand access to the activities of the Academy to the largest worldwide audience possible - which will be beneficial for our film artists and the cinematic world," said Academy leadership in a announcement.
For many years, viewership of the televised event have dropped, though there was a slight uptick in recent years, with a considerable amount of younger viewers tuning in from smartphones and laptops.
In a related comment, 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 "motivate a new generation of artistic expression and film lovers while remaining faithful to the Oscars' celebrated legacy".
The broadcast network, which has streamed the awards since 1976, commented that it was excited "to hosting the event three more times" it will retain rights for.
The move comes as large entertainment companies deal with complex corporate battles. Such proposals were viewed as problematic for an industry that has seen significant downsizing over the recent period.
Similar to big production houses, cable networks have encountered challenges as the audience has chosen digital platforms instead.
YouTube obtaining rights to the Academy Awards strongly indicates that the dominance of online services will carry on increasing.
