The Oscars Will Leave Broadcast TV and Stream on the Video Platform Starting in the Year 2029.
The Academy Awards are set to start airing only on the global video platform in the year 2029, marking the latest significant transformation in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, confirming that it finalized a long-term agreement giving YouTube the unique international license to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Beginning in 2029, the event will be available live and for free on the digital platform.
It's a further substantial upheaval in Hollywood, which is navigating studio sales and mergers, along with steep production cuts.
"Our Academy represents an international organization, and this alliance will allow us to broaden reach to the work of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the movie industry," remarked the Academy's executives in a statement.
For many years, viewership of the ceremony have declined, even if there was a small rise in recent years, with a significant number of younger viewers watching from smartphones and computers.
In a separate statement, the head of YouTube described the Oscars "a key vital cultural institutions" and noted that working with the Academy would "spark a younger cohort of creativity and film lovers while remaining faithful to the Oscars' celebrated history".
ABC, which has aired 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 large entertainment companies deal with intricate takeover attempts. These potential deals were considered problematic for an business that has experienced significant downsizing over the recent period.
Similar to big production houses, traditional TV channels have struggled as the audience has shifted towards digital platforms instead.
YouTube winning the license to the Academy Awards clearly signals that the dominance of online services will continue to grow.
