The Academy Awards Are Exiting Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in 2029, signaling the latest major change in Hollywood.
The organization behind the Oscars revealed the news on this week, indicating that it signed a long-term agreement granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has aired for a half a century on the traditional network. Commencing in 2029, the show will be accessible in real-time without charge on YouTube.
This is one more substantial upheaval in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with drastic production cuts.
"The Academy is an international organization, and this collaboration will permit us to increase availability to the mission of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the film community," remarked Academy leadership in a announcement.
For many years, viewership of the televised event have dropped, although there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers watching from smartphones and desktops.
In a corresponding announcement, the head of YouTube described the Oscars "one of our vital cultural institutions" and said that teaming up with the Academy would "inspire a new generation of innovation and movie fans while adhering to the Oscars' illustrious history".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will retain rights for.
This shift comes as film industry giants face intricate takeover attempts. These potential deals were considered problematic for an industry that has witnessed severe reductions over the past several years.
In common with big production houses, cable networks have encountered challenges as the viewers has shifted towards on-demand video as an alternative.
YouTube obtaining broadcasting rights to the Oscars strongly indicates that the dominance of digital platforms will carry on to grow.
