The Oscars Are Exiting Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Academy Awards are set to start broadcasting solely on the global video platform in 2029, marking the most recent substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, confirming that it finalized a extended contract granting the streaming service the unique international license to the Oscars until 2033.
The awards show, which is planned for 15 March, has been televised for a half a century on the traditional network. Commencing in 2029, the show will be viewable as a free live stream on YouTube.
It's a further substantial shakeup in Hollywood, which is grappling with studio sales and mergers, in addition to steep reductions in filming.
"Our Academy represents an international organization, and this collaboration will enable us to broaden reach to the work of the Academy to the biggest global viewership imaginable - which will be beneficial for our membership and the film community," said the Academy's executives in a statement.
Throughout a long period, ratings of the awards show have fallen, although there was a small rise in recent years, with a significant number of younger viewers streaming from smartphones and computers.
In a separate statement, the head of YouTube called the Oscars "a key essential cultural touchstones" and added that working with the Academy would "inspire a younger cohort of artistic expression and cinema enthusiasts while staying true to the Oscars' illustrious history".
The broadcast network, which has televised the awards since 1976, said that it was eagerly anticipating "to the next three telecasts" it will continue to air.
This shift coincides with film industry giants confront challenging merger discussions. These potential deals were considered problematic for an industry that has witnessed severe reductions over the recent period.
In common with major studios, cable networks have faced issues as the public has shifted towards streaming services instead.
The platform securing rights to the Oscars further suggests that the dominance of streaming sites will continue expanding.
