The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Beginning in the Year 2029.
The Academy Awards are set to start streaming exclusively on the global video platform in 2029, signaling the latest substantial transformation in the film industry.
The organization behind the Oscars revealed the news on Wednesday, indicating that it entered into a long-term agreement granting YouTube the exclusive global rights to the Oscars up to 2033.
The Oscars, set for 15 March, has been televised for a half a century on ABC. Beginning in 2029, the ceremony will be available as a free live stream on the digital platform.
This is a further significant restructuring in Hollywood, which is grappling with studio sales and mergers, coupled with severe production cuts.
"Our Academy represents an international organization, and this partnership will permit us to expand access to the work of the Academy to the most extensive international crowd imaginable - which will be positive for our membership and the movie industry," stated the Academy's executives in a announcement.
For many years, ratings of the ceremony have declined, although there was a minor increase in recent years, with a considerable amount of Gen Z and millennial watchers streaming from mobile devices and laptops.
In a separate statement, YouTube's CEO called the Oscars "one of our essential cultural institutions" and said that working with the Academy would "spark a fresh wave of innovation and film lovers while remaining faithful to the Oscars' storied legacy".
ABC, which has streamed the awards since the mid-1970s, stated that it was excited "to the next three telecasts" it will still host.
This shift coincides with film industry giants confront complex corporate battles. These potential deals were considered concerning for an sector that has seen drastic cuts over the recent period.
Like big production houses, cable networks have struggled as the audience has increasingly opted for on-demand video instead.
YouTube obtaining the license to the Academy Awards further suggests that dependence on streaming sites will continue increasing.
