The Oscars to Depart Broadcast TV and Broadcast Live on YouTube Beginning in 2029.
The Oscars ceremony are set to start streaming exclusively on YouTube in the year 2029, signaling the latest substantial transformation in Hollywood.
The organization behind the Oscars made the announcement on Wednesday, confirming that it finalized a long-term agreement giving YouTube the sole worldwide broadcasting rights to the Oscars until 2033.
The Oscars, set for 15 March, has been televised for five decades on the traditional network. Starting in 2029, the show will be accessible as a free live stream on YouTube.
It's another major upheaval in Hollywood, which is dealing with studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an global institution, and this collaboration will permit us to increase availability to the activities of the Academy to the most extensive international crowd possible - which will be beneficial for our Academy members and the film community," said the Academy's executives in a statement.
For many years, audience numbers of the awards show have dropped, even if there was a slight uptick in recent years, with a considerable amount of Gen Z and millennial watchers watching from smartphones and desktops.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential cultural touchstones" and said that teaming up with the Academy would "inspire a new generation of creativity and movie fans while adhering to the Oscars' storied heritage".
ABC, which has streamed the awards since the mid-1970s, said that it was eagerly anticipating "to the next three telecasts" it will still host.
This shift follows major studios confront complex corporate battles. These potential deals were seen as problematic for an business that has seen drastic cuts over the recent period.
In common with major studios, cable networks have encountered challenges as the public has shifted towards digital platforms instead.
The platform securing the license to the Academy Awards further suggests that dependence on digital platforms will continue expanding.
