The Oscars Will Leave Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards will commence broadcasting solely on the global video platform in 2029, representing the latest major shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, confirming that it entered into a extended contract giving the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The awards show, which is planned for 15 March, has aired for five decades on the traditional network. Starting in 2029, the event will be viewable live and for free on YouTube.
It's one more major shakeup in Hollywood, which is grappling with corporate acquisitions and consolidations, in addition to severe production cuts.
"The Academy is an global institution, and this alliance will allow us to expand access to the work of the Academy to the biggest global viewership attainable - which will be positive for our membership and the film community," said the Academy's executives in a announcement.
Over decades, audience numbers of the televised event have dropped, even if 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 "a key fundamental pillars of culture" and added that working with the Academy would "spark a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' storied history".
ABC, which has streamed the ceremony since 1976, said that it was looking forward "to the upcoming broadcasts" it will retain rights for.
This shift comes as film industry giants face complex corporate battles. Both options were viewed as concerning for an industry that has witnessed drastic cuts over the last few years.
Similar to big production houses, cable networks have struggled as the public has increasingly opted for on-demand video as an alternative.
YouTube obtaining rights to the Academy Awards clearly signals that dependence on online services will persist to grow.
