The Oscars to Depart Broadcast TV and Stream on the Video Platform Starting in 2029.
The Academy Awards will commence airing only on the global video platform in 2029, signaling the newest major change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, confirming that it signed a long-term agreement granting YouTube the exclusive global rights to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for five decades on the traditional network. Beginning in 2029, the event will be accessible in real-time without charge on the digital platform.
It's a further significant shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, in addition to severe slashes to movie budgets.
"Our Academy represents an global institution, and this alliance will enable us to increase availability to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our Academy members and the film community," stated Academy leadership in a announcement.
For many years, viewership of the televised event have fallen, although there was a small rise in recent years, with a considerable amount of Gen Z and millennial watchers tuning in from cell phones and computers.
In a corresponding announcement, the head of YouTube described the Oscars "one of our essential cultural institutions" and noted that working with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious heritage".
ABC, which has aired the ceremony since the mid-1970s, stated that it was eagerly anticipating "to the next three telecasts" it will still host.
This decision comes as major studios face complex corporate battles. Such proposals were seen as unfavourable for an business that has witnessed drastic cuts over the past several years.
In common with major studios, cable networks have struggled as the audience has shifted towards streaming services instead.
The platform securing rights to the Oscars further suggests that reliance on digital platforms will persist to grow.
