The Oscars Will Leave Broadcast TV and Broadcast Live on the Video Platform Beginning in 2029.
The Academy Awards will commence airing only on the global video platform in the year 2029, signaling the latest significant transformation in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on this week, confirming that it entered into a multi-year deal granting the streaming service the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, scheduled for March 15th, has been broadcast for a half a century on the traditional network. Beginning in 2029, the ceremony will be viewable as a free live stream on YouTube.
This is a further substantial restructuring in Hollywood, which is dealing with corporate acquisitions and consolidations, coupled with drastic production cuts.
"The Academy is an worldwide body, and this partnership will permit us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be positive for our membership and the cinematic world," stated the Academy's executives in a release.
Over decades, ratings of the televised event have dropped, though there was a slight uptick in recent years, with a notable portion of Gen Z and millennial watchers streaming from cell phones and desktops.
In a corresponding announcement, YouTube's CEO described the Oscars "one of our fundamental cultural touchstones" and added that working with the Academy would "inspire a younger cohort of creativity and film lovers while staying true to the Oscars' illustrious heritage".
ABC, which has televised the awards since 1976, commented that it was looking forward "to hosting the event three more times" it will retain rights for.
The move comes as film industry giants face challenging merger discussions. Both options were viewed as unfavourable for an industry that has seen drastic cuts over the past several years.
In common with big production houses, traditional TV channels have struggled as the public has chosen streaming services instead.
YouTube obtaining rights to the Oscars further suggests that the dominance of streaming sites will carry on increasing.
