The Academy Awards to Depart Broadcast TV and Broadcast Live on the Video Platform Starting in 2029.
The Oscars ceremony are set to start airing only on YouTube in 2029, marking the newest substantial change in Hollywood.
The Academy of Motion Picture Arts and Sciences made the announcement on Wednesday, stating that it signed a long-term agreement awarding the streaming service the unique international license to the Oscars up to 2033.
The awards show, scheduled for March 15th, has been televised for five decades on the traditional network. Commencing in 2029, the event will be viewable in real-time without charge on the digital platform.
It's a further significant restructuring in Hollywood, which is dealing with studio sales and mergers, coupled with steep production cuts.
"The Academy is an global institution, and this alliance will enable us to expand access to the mission of the Academy to the most extensive international crowd attainable - which will be advantageous for our film artists and the film community," said Academy leadership in a release.
Throughout a long period, audience numbers of the awards show have declined, though there was a slight uptick in recent years, with a significant number of Gen Z and millennial watchers tuning in from cell phones and computers.
In a related comment, the video platform's chief executive referred to the Oscars "one of our essential cultural touchstones" and added that working with the Academy would "inspire a fresh wave of artistic expression and movie fans while staying true to the Oscars' storied history".
The broadcast network, which has streamed the ceremony since 1976, said that it was eagerly anticipating "to the next three telecasts" it will retain rights for.
This shift follows film industry giants confront intricate takeover attempts. These potential deals were considered concerning for an business that has witnessed severe reductions over the recent period.
Like big production houses, traditional TV channels have faced issues as the viewers has shifted towards digital platforms instead.
YouTube obtaining rights to the Oscars strongly indicates that reliance on online services will carry on expanding.
