The Academy Awards Will Leave Broadcast TV and Broadcast Live on the Video Platform Starting in the Year 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in the year 2029, representing the most recent significant shift in the film industry.
The Academy of Motion Picture Arts and Sciences revealed the news on Wednesday, indicating that it signed a multi-year deal giving the streaming service the unique international license to the Oscars until 2033.
The awards show, scheduled for 15 March, has been televised for 50 years on the traditional network. Starting in 2029, the show will be accessible in real-time without charge on the digital platform.
It's a further substantial shakeup in the entertainment world, which is grappling with studio sales and mergers, coupled with severe reductions in filming.
"Our Academy represents an global institution, and this alliance will enable us to expand access to the work of the Academy to the largest worldwide audience imaginable - which will be positive for our film artists and the film community," stated Academy leadership in a announcement.
Over decades, audience numbers of the televised event have dropped, though there was a minor increase in recent years, with a significant number of youthful audiences tuning in from smartphones and computers.
In a separate statement, YouTube's CEO described the Oscars "one of our fundamental pillars of culture" and added that working with the Academy would "motivate a fresh wave of innovation and cinema enthusiasts while adhering to the Oscars' illustrious legacy".
The broadcast network, which has streamed the ceremony since the mid-1970s, stated that it was looking forward "to hosting the event three more times" it will still host.
The move coincides with major studios face challenging merger discussions. Both options were seen as concerning for an industry that has experienced severe reductions over the past several years.
Similar to big production houses, cable networks have faced issues as the public has increasingly opted for on-demand video instead.
YouTube obtaining rights to the Oscars strongly indicates that the dominance of digital platforms will carry on expanding.
