The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Oscars ceremony are set to start streaming exclusively on the global video platform in 2029, signaling the most recent substantial change in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it entered into a multi-year deal giving the streaming service the sole worldwide broadcasting rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has aired for 50 years on the traditional network. Beginning in 2029, the ceremony will be available in real-time without charge on YouTube.
It's another substantial restructuring in the entertainment world, which is dealing with corporate acquisitions and consolidations, coupled with drastic reductions in filming.
"Our Academy represents an worldwide body, and this alliance will enable us to expand access to the work of the Academy to the largest worldwide audience imaginable - which will be advantageous for our membership and the movie industry," said organization heads in a statement.
For many years, ratings of the awards show have dropped, though there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers watching from cell phones and computers.
In a related comment, YouTube's CEO called the Oscars "one of our essential cultural touchstones" and said that working with the Academy would "motivate a new generation of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' celebrated heritage".
The broadcast network, which has televised the ceremony since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will still host.
The move comes as large entertainment companies confront intricate takeover attempts. Such proposals were viewed as unfavourable for an industry that has experienced severe reductions over the last few years.
Similar to big production houses, traditional TV channels have struggled as the viewers has shifted towards digital platforms instead.
The platform securing broadcasting rights to the Oscars strongly indicates that reliance on online services will continue increasing.
