The Academy Awards to Depart Broadcast TV and Stream on YouTube Starting in 2029.
The Oscars ceremony will begin airing only on YouTube in 2029, representing the latest significant change in Hollywood.
The organization behind the Oscars revealed the news on this week, stating that it finalized a long-term agreement granting the streaming service the exclusive global rights to the Oscars through 2033.
The Oscars, scheduled for 15 March, has been televised for a half a century on ABC. Commencing in 2029, the show will be viewable live and for free on YouTube.
It's another major restructuring in the entertainment world, which is dealing with studio sales and mergers, in addition to severe production cuts.
"Our Academy represents an worldwide body, and this collaboration will enable us to broaden reach to the work of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the cinematic world," remarked organization heads in a release.
Over decades, viewership of the televised event have fallen, though there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers watching from mobile devices and laptops.
In a corresponding announcement, the head of YouTube referred to the Oscars "one of our vital pillars of culture" and added that teaming up with the Academy would "motivate a new generation of creativity and film lovers while remaining faithful to the Oscars' celebrated heritage".
The broadcast network, which has aired the ceremony since 1976, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
The move follows major studios confront intricate takeover attempts. Such proposals were seen as concerning for an sector that has seen significant downsizing over the past several years.
In common with big production houses, cable networks have faced issues as the public has shifted towards digital platforms instead.
YouTube obtaining broadcasting rights to the Academy Awards further suggests that reliance on online services will carry on expanding.
