The Oscars Are Exiting Broadcast TV and Stream on YouTube Starting in the Year 2029.
The Academy Awards will begin streaming exclusively on the global video platform in the year 2029, representing the latest significant change in Hollywood.
The Academy of Motion Picture Arts and Sciences revealed the news on this week, indicating that it entered into a extended contract awarding YouTube the unique international license to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been broadcast for 50 years on ABC. Starting in 2029, the ceremony will be viewable live and for free on YouTube.
It's another substantial shakeup in the entertainment world, which is dealing with corporate acquisitions and consolidations, along with severe slashes to movie budgets.
"Our Academy represents an international organization, and this alliance will permit us to broaden reach to the work of the Academy to the most extensive international crowd imaginable - which will be beneficial for our film artists and the cinematic world," said the Academy's executives in a announcement.
Over decades, viewership of the ceremony have fallen, though there was a slight uptick in recent years, with a notable portion of youthful audiences streaming from cell phones and laptops.
In a related comment, the video platform's chief executive called the Oscars "a key vital cultural touchstones" and added that partnering with the Academy would "spark a younger cohort of creativity and movie fans while remaining faithful to the Oscars' illustrious history".
ABC, which has aired the ceremony since 1976, stated that it was excited "to the upcoming broadcasts" it will continue to air.
This decision comes as major studios face complex corporate battles. Both options were seen as problematic for an industry that has experienced severe reductions over the last few years.
Like major studios, traditional TV channels have struggled as the audience has chosen digital platforms instead.
YouTube winning rights to the Oscars strongly indicates that dependence on streaming sites will continue increasing.
