The Academy Awards Will Leave Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Academy Awards will commence airing only on the global video platform in 2029, representing the latest major change in the film industry.
The Academy of Motion Picture Arts and Sciences declared the decision on Wednesday, stating that it finalized a multi-year deal 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 event will be accessible as a free live stream on YouTube.
It's another major upheaval in Hollywood, which is grappling with corporate acquisitions and consolidations, along with severe production cuts.
"The Academy is an international organization, and this partnership will permit us to expand access to the work of the Academy to the biggest global viewership possible - which will be positive for our Academy members and the film community," said organization heads in a announcement.
For many years, ratings of the awards show have fallen, though there was a small rise in recent years, with a considerable amount of younger viewers streaming from smartphones and desktops.
In a corresponding announcement, the head of YouTube referred to the Oscars "a key essential cultural touchstones" and noted that partnering with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while remaining faithful to the Oscars' illustrious legacy".
ABC, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This decision coincides with major studios face complex corporate battles. These potential deals were seen as unfavourable for an sector that has experienced severe reductions over the recent period.
Similar to major studios, traditional TV channels have encountered challenges as the audience has increasingly opted for digital platforms as an alternative.
YouTube obtaining broadcasting rights to the Academy Awards strongly indicates that dependence on digital platforms will carry on increasing.
