The Oscars to Depart Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in the year 2029, representing the newest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences declared the decision on this week, stating that it entered into a extended contract giving YouTube the unique international license to the Oscars through 2033.
The awards show, set for March 15th, has been televised for 50 years on ABC. Starting in 2029, the ceremony will be available as a free live stream on the digital platform.
This is another significant upheaval in the entertainment world, which is dealing with company buyouts and fusions, in addition to steep reductions in filming.
"Our Academy represents an global institution, and this collaboration will permit us to broaden reach to the activities of the Academy to the biggest global viewership imaginable - which will be positive for our Academy members and the movie industry," said Academy leadership in a statement.
Over decades, ratings of the televised event have fallen, although there was a small rise in recent years, with a significant number of youthful audiences watching from smartphones and desktops.
In a related comment, the video platform's chief executive described the Oscars "one of our vital cultural touchstones" and said that working with the Academy would "spark a fresh wave of creativity and film lovers while staying true to the Oscars' storied heritage".
The broadcast network, which has streamed the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will still host.
This shift comes as film industry giants deal with intricate takeover attempts. Both options were seen as concerning for an business that has witnessed significant downsizing over the past several years.
Like big production houses, traditional TV channels have struggled as the public has increasingly opted for streaming services instead.
YouTube obtaining rights to the Oscars further suggests that the dominance of streaming sites will carry on increasing.
