The Oscars Will Leave Broadcast TV and Broadcast Live on YouTube Starting in 2029.
The Oscars ceremony will commence broadcasting solely on YouTube in 2029, signaling the latest major change in Hollywood.
The organization behind the Oscars made the announcement on this week, confirming that it entered into a multi-year deal granting the streaming service the exclusive global rights to the Oscars until 2033.
The Oscars, set for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the event will be viewable in real-time without charge on YouTube.
This is another major shakeup in Hollywood, which is navigating company buyouts and fusions, along with severe reductions in filming.
"The Academy is an international organization, and this alliance will enable us to increase availability to the activities of the Academy to the largest worldwide audience possible - which will be advantageous for our membership and the movie industry," stated the Academy's executives in a release.
Over decades, audience numbers of the awards show have declined, even if there was a minor increase in recent years, with a considerable amount of youthful audiences tuning in from cell phones and computers.
In a separate statement, the head of YouTube called the Oscars "among our fundamental cultural touchstones" and noted that partnering with the Academy would "spark a fresh wave of artistic expression and film lovers while staying true to the Oscars' celebrated heritage".
ABC, which has televised the ceremony since the mid-1970s, stated that it was eagerly anticipating "to hosting the event three more times" it will retain rights for.
This decision follows film industry giants deal with complex corporate battles. Such proposals were viewed as unfavourable for an business that has experienced drastic cuts over the last few years.
In common with major studios, cable networks have faced issues as the public has chosen streaming services as an alternative.
The platform securing the license to the Oscars strongly indicates that dependence on streaming sites will persist increasing.
